Ripple partner SBI Holdings remains optimistic about the long-term outlook for digital assets despite a sharp crypto market downturn that erased nearly $200 billion in value over the past 24 hours.
SBI Holdings Chairman Yoshitaka Kitao said the industry’s fundamentals remain strong and expressed confidence that the U.S. Digital Asset Market CLARITY Act could provide a major boost to cryptocurrencies, including XRP.
暗号資産市場が全体的に下落しているが、その理由は、今後米国で次々と予定されているSpaceX社、Anthropic社、OpenAI社の三大IPOの株式取得のために機関投資家等が資金作りを行っているためだと考えられる。…
— 北尾吉孝 (@yoshitaka_kitao) June 3, 2026
His comments come as Bitcoin fell below $66,000 and major cryptocurrencies such as Ethereum, XRP and Solana posted significant losses amid growing geopolitical tensions and a broader risk-off sentiment across global markets.
CLARITY Act advances in the U.S. Senate
The CLARITY Act recently moved a step closer to a full Senate vote after being added to the U.S. Senate Legislative Calendar under General Orders as Calendar No. 423.
The legislation previously cleared the Senate Banking Committee in a bipartisan 15-9 vote on May 14. Lawmakers are now preparing the committee report, which will include amendments approved during the bill’s markup.
Kitao said he believes the legislation could strengthen the regulatory environment for digital assets in the United States and support broader industry growth.
“From a fundamental perspective, there are no concerns whatsoever, and I am convinced that if the Clarity Act is enacted in the United States, it will bring a positive impact to the cryptocurrency market, including Ripple,”
he said.
Institutional capital rotation weighs on crypto
According to Kitao, the current weakness in the crypto market may be linked to institutional investors reallocating capital ahead of several highly anticipated U.S. technology listings.
He pointed to expected public offerings involving SpaceX, Anthropic and OpenAI as potential reasons investors are raising cash and reducing exposure to digital assets.
The comments come shortly after SBI Holdings expanded its relationship with artificial intelligence company Anthropic. The Japanese financial giant recently announced plans to deploy Anthropic’s Claude AI platform across its operations, becoming the first financial group in Japan to adopt the technology company-wide.
Geopolitical tensions trigger market selloff
Despite optimism around regulation and long-term adoption, the crypto market remains under pressure.
Analysts have linked the latest selloff to rising geopolitical uncertainty surrounding the U.S.-Iran conflict. Reports that Iran suspended talks with the United States intensified concerns across financial markets.
The developments also pushed oil prices higher amid fears of potential disruptions in the Strait of Hormuz, prompting investors to move away from risk assets. The move contributed to heavy selling across the crypto market, with Bitcoin leading declines and dragging altcoins lower.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
