CEO of Ripple Brad Garlinghouse commented on the latest CPI data, showing that inflation has remained stable in the US Garlinghouse highlighted the potential impact pro-crypto policies may have on the soft inflation data.
Ripple CEO Highlights Crypto Impact on CPI Data
In an X postRipple’s CEO noted that the latest CPI data shows a 3.5% reduction in the cost of financial services to consumers. He then suggests that it is possible that this decline may be due to Trump administration’s pro-crypto policies. The administration has created a regulatory environment for the crypto industry that could potentially make financial services more accessible, reducing their costs.
Notably, the CPI data was in line with expectations, which was Bitcoin’s gain and range crypto market. CPI came in at 2.7% year-on-year (YoY), in line with expectations. Core CPI came in at 2.6% YoY, below expectations of 2.7%, indicating that inflation in the country remains strong.
After the CPI data was released, Bitcoin broke $92,000 and has since risen to a one-year high above $97,000. Major altcoins like Ethereum, XRP linked to RippleSolana, and Dogecoin also recorded significant gains. Inflation data is powerful in the market as it may, over time, influence the Fed to cut rates if inflation is stable rather than rising.
Polymarket data show an increase in the number of rate cuts the Fed can make after the CPI data is released. There is now a 27% chance of three rate cuts this year, and a 21% chance of two. Previously, crypto traders were betting on only two price cuts this year. Trump is expected to nominate the next rate cut attorney The seat of the Fedwhich would be good with low interest rates.
Ripple’s CEO Also Comments on Crypto Legislation
Ripple’s CEO also commented on the CLARITY Act marksjust before its adjournment. He noted that the token is long overdue, but that it is a big step forward in providing efficient crypto frameworks while continuing to protect consumers. Garlinghouse also noted that he and his company know firsthand that clarity trumps chaos and that the bill’s success is crypto’s success.
The CEO of Ripple also said that they will continue to move forward with a fair debate and always hope that the problems can be solved through the marking process. The Senate Banking Committee later reversed the mark Coinbase has withdrawn its support with the bill due to concerns about DeFi and stablecoin yield provisions. Meanwhile, Garlinghouse has not yet responded to the postponement, while Coinbase CEO Brian Armstrong believes that progress on the bill has not stopped despite setbacks.
Featured image from Getty Images, chart from Tradingview.com
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