Ripple CEO Brad Garlinghouse has commented on the latest CPI data, which shows that inflation has remained steady in the U.S. Garlinghouse highlighted the potential impact that the pro-crypto policies may have had on the soft inflation data.
Ripple CEO Highlights Crypto Impact On CPI Data
In an X post, the Ripple CEO noted that the latest CPI data shows a 3.5% reduction in financial services costs for consumers. He then raised the possibility that this decline could be partly due to the Trump administration’s pro-crypto policies. The administration has created a regulatory environment for the crypto industry that may have made financial services more accessible, reducing their cost.
Notably, the CPI data came in line with expectations, which was a positive for Bitcoin and the broader crypto market. The CPI came in at 2.7% year-over-year (YoY), in line with expectations. The core CPI came in at 2.6% YoY, lower than expectations of 2.7%, signaling that inflation in the country has remained steady.
Following the release of the CPI data, Bitcoin broke $92,000 and since surged to a new yearly high above $97,000. Major altcoins like Ethereum, Ripple-linked XRP, Solana, and Dogecoin have also recorded significant gains. The inflation data is bullish for the market as it could, in the long run, influence the Fed to make more rate cuts if inflation holds steady rather than trends upwards.
Polymarket data show an increase in the number of rate cuts the Fed could make following the release of the CPI data. There is now a 27% chance of three rate cuts this year, while a 21% chance of two. Previously, crypto traders were betting on only two rate cuts this year. Trump is also expected to nominate a rate-cut advocate as the next Fed chair, which would be positive for lower interest rates.
Ripple CEO Also Comments On Crypto Legislation
The Ripple CEO also commented on the CLARITY Act’s markup, just before its postponement. He noted that the markup was long overdue, but that it is a massive step forward in providing workable frameworks for crypto while continuing to protect consumers. Garlinghouse further remarked that he and his company know firsthand that clarity beats chaos and that the bill’s success is crypto’s success.
The Ripple CEO also mentioned that they will continue to move forward with a fair debate and remain optimistic that issues can be resolved through the markup process. The Senate Banking Committee has since postponed the markup after Coinbase withdrew its support for the bill due to concerns about DeFi and stablecoin yield provisions. Meanwhile, Garlinghouse has yet to comment on the postponement, while Coinbase CEO Brian Armstrong believes that progress with the bill hasn’t stalled despite the setback.
Featured image from Getty Images, chart from Tradingview.com
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