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Maybe there was one time when you could semi-plausibly argue that Ripple had some easy way to shoot up the price of XRP massively for good but was just waiting for the right time to maximize something or other. But boy, it's hard to argue that today. For one thing, circumstances have changed so much that it's hard to imagine we've held onto this magic switch for so long and it's still just waiting to go. We've explained what we're doing, why we're doing it, and what we hope to achieve. While we aren't transparent about everything, we're not hiding some grand conspiracy. At least not as far as I know.

The American Bankers Association just opened a second angle of attack in their fight against crypto. They've spent months lobbying to strip yield from the CLARITY Act, and now they're asking Treasury to slow-walk the GENIUS Act too. (Requesting 60+ extra days to comment on implementation rules across the OCC, FDIC, OFAC, and FinCEN.) Their argument: the rules are too interconnected to comment on separately. Patrick Witt, Trump's White House crypto adviser, already had a message for exactly this: "It's hard to explain any further lobbying by banks on this issue as motivated by anything other than greed or ignorance." The emerging CLARITY compromise would ban yield on deposit-insurance-lookalike products but allow credit-card-style reward structures. Most insiders know that's workable. The banks know it too. The Senate floor window closes before August recess. Every week of delay is a week closer to the CLARITY Act dying on the calendar.

4/4 Two things are happening at the same time: 1) The pool of XRP available to sell shrunk earlier this year. 2) The group of holders positioned for the long term is growing.