Author: Gabby

Ripple’s former chief technology officer David Schwartz has countered a revived 2017 social media post where he commented on XRP’s potential value, clarifying that it was never intended as a price prediction. He also dismissed ongoing rumors that the company possesses a hidden mechanism to artificially inflate the token’s price.

In the original post from eight years ago, Schwartz suggested that XRP could not remain extremely cheap if it were to handle massive global transaction volumes. Critics have recently interpreted this as a promise of future price increases. Schwartz explained that his comment was purely about market mechanics: for example, if XRP is valued at $1, moving $1 million requires one million tokens; at $1 million per token, only one token is needed. The relationship between token price, quantity, and transaction value is straightforward, he argued, and does not imply any specific price target.

When asked whether he would delete the old post to avoid further misinterpretation, Schwartz declined, stating that removing it would erase valuable context and likely create even more confusion. He noted that the comment has been taken out of context for years and that keeping it allows for a more informed discussion.

Regarding the persistent idea that Ripple holds some kind of “magic switch” to dramatically boost XRP’s price, Schwartz was unequivocal. He said that while such a scenario might have been remotely plausible in the past, it is no longer believable given the passage of time and the lack of any such action. He posed a rhetorical question to the XRP community: if wealthy, rational investors truly believed there was even a 1% chance XRP could reach $10,000 within a decade, they would bid the price up to at least $20 today. The fact that the price has not reached that level suggests those investors do not share that belief, and conspiracy theories are an inadequate explanation.

Schwartz has also recently addressed claims that non-disclosure agreements with banking partners signal secret government or central bank adoption of XRP. He explained that these NDAs are standard commercial confidentiality agreements and do not imply hidden adoption plans. Schwartz stepped back from his day-to-day role as Ripple’s CTO at the end of 2025 but remains active in the XRP community as CTO Emeritus and a board advisor. At the time of his latest statements, XRP was trading near $1.38.

The U.S. Securities and Exchange Commission has set a roundtable for May to discuss the CLARITY Act, a move that brings together regulators from the SEC and CFTC with cryptocurrency stakeholders to clarify digital asset jurisdiction. This event is a key step ahead of the Senate Banking Committee’s expected markup during the week of May 11.

The roundtable follows a March 17 joint taxonomy released by the SEC and CFTC, which identified 16 digital assets as commodities. The CLARITY Act aims to codify this framework into permanent law. According to reports, the SEC will host the event in May 2026, while the Senate Banking Committee targets a markup the same week—marking the first legislative action since the Senate’s recess.

Senator Tim Scott has confirmed securing support from Senator Tillis and additional Republicans for the markup, though Senator John Kennedy remains opposed. The goal of achieving 13 out of 13 Republican votes remains unfulfilled. Senator Thom Tillis introduced a new obstacle: law enforcement groups oppose a provision in the bill that would shield DeFi developers from liability for users’ illicit activities. This unresolved issue adds pressure to the timeline.

Senator Cynthia Lummis warned at a conference that the current political alignment enabling the CLARITY Act is rare and fragile. Failure to pass before May 21 could delay progress until 2030. The SEC roundtable thus serves as a critical signal that the regulator is prepared to implement the legislation, a condition Senate Republicans consider essential for moving forward.

Pi Network has secured a major presence at Consensus 2026 in Miami, where its two co-founders will take the stage as featured speakers. Dr. Chengdiao Fan and Nicolas Kokkalis are scheduled to appear at the Convergence Stage during the event, which runs from May 5 to 7. This marks the project’s highest-profile engagement within the mainstream crypto industry, coinciding with the imminent activation of Protocol 23 on May 11.

Dr. Fan will deliver a talk on May 6, focusing on the convergence of Web3, artificial intelligence, and blockchain for real-world utility. The following day, Kokkalis will join a panel titled “How to Prove You’re Human in an AI World (Without Doxing Yourself),” addressing a critical challenge in an era where AI-generated identities are proliferating. The event is expected to attract over 20,000 participants, including institutional investors, developers, and policymakers.

The Pi Core Team announced on April 28 that more than 526 million human KYC validation tasks have been completed, involving over 18 million verified users. This infrastructure positions Pi as one of the largest proof-of-personhood networks in the crypto space, directly competing with projects like Worldcoin and Humanity Protocol. Dr. Fan’s presentation will highlight how this verified identity layer can address pressing AI governance issues.

Protocol 22.1 ended on April 27, disconnecting non-compliant nodes and setting the stage for Protocol 23. This upgrade will transform Pi from a simple mobile mining network into a programmable blockchain with full smart contract capabilities. The sequence of events—the Consensus appearances followed by the Protocol 23 activation just four days later—creates a pivotal moment for the project. Leading up to the conference, PI’s price rose over 5% on April 29, reflecting trader optimism, though previous conference-driven rallies have often led to selloffs. The substance of Protocol 23 may determine whether this pattern changes.

Defense Secretary Pete Hegseth revealed during a House Armed Services Committee hearing on April 30 that the Pentagon is involved in classified Bitcoin initiatives. These programs operate on two parallel fronts: advancing the technology and working to neutralize it. Hegseth emphasized that these efforts grant the United States significant leverage over China in numerous situations.

In response to a question from Representative Lance Gooden of Texas, Hegseth stated his longstanding enthusiasm for Bitcoin and its potential. He acknowledged that many ongoing actions, whether supporting or countering digital currencies, are classified and provide strategic advantages. Gooden highlighted that Bitcoin has transformed from a niche asset into a critical national security issue, citing Iran’s use of Bitcoin at the Strait of Hormuz, North Korean ransomware attacks, and China’s strategies for accumulating cryptocurrency.

Earlier in April, Admiral Samuel Paparo, commander of US Indo-Pacific Command, confirmed that his unit operates a live Bitcoin node and tests the protocol in operational settings. He described Bitcoin as a system rooted in cryptography and proof-of-work that can impose costs in cybersecurity contexts. The combined statements from Hegseth and Paparo represent the clearest official acknowledgment to date of Bitcoin being used as a defense tool by the US government.

President Trump signed an executive order earlier in 2026 to establish a US strategic Bitcoin reserve, initially funded with roughly 200,000 coins seized from criminal forfeitures. Meanwhile, Iran’s demand for Bitcoin payments to transit the Strait of Hormuz has directly linked the cryptocurrency to active military conflicts. Geopolitically, Russia now controls about 16% of global Bitcoin mining hashrate, while China holds approximately 12% through underground and offshore operations, making mining geography a key factor in US-China competition.

On April 30, President Trump signed an executive order that marks a significant shift in retirement investment policy. The directive instructs the Labor Department to revise existing ERISA rules, enabling 401(k) plans to include cryptocurrency, private equity, and other alternative assets for the first time. This move targets the massive $12.5 trillion defined-contribution market, which has previously been off-limits to digital assets under federal guidance.

The order also mandates the creation of TrumpIRA.gov, a platform set to launch next year. This site will allow workers without employer-sponsored retirement plans to open accounts and receive up to $1,000 annually in matching contributions from the federal government. Labor Secretary Lori Chavez-DeRemer emphasized that the government should not dictate retirement investment choices for Americans, including those involving alternative assets.

Under the new policy, the Labor Department must reassess how plan fiduciaries evaluate alternative investments. The SEC is tasked with exploring ways to expand 401(k) access for investors, while agencies coordinate before releasing updated rules. This development builds on the Trump administration’s broader strategy to integrate crypto into mainstream finance, following earlier steps like the Bitcoin strategic reserve and Pentagon programs. However, implementation may face delays as employers update plan options and fiduciaries navigate their duty of prudence with volatile assets.

Tether has reported a net profit of $1.04 billion for the first quarter of 2026, alongside an unprecedented excess reserve buffer of $8.23 billion. The figures come from a quarterly attestation released on May 1 by accounting firm BDO, which represents the company’s most comprehensive financial disclosure to date. The reserve is primarily backed by $141 billion in US Treasuries, supplemented by $20 billion in physical gold and $7 billion in Bitcoin.

The quarter’s profit reflects a 47% year-over-year increase in the reserve buffer, which grew from $5.6 billion in Q1 2025 to the current record level. Total assets now stand at $191.77 billion against liabilities of $183.54 billion. The substantial Treasury holdings, yielding over 4% interest, contribute approximately $4 billion in annualized income, driving the robust earnings.

CEO Paolo Ardoino emphasized the company’s commitment to stability, stating that USDT must function reliably under any market conditions. The disclosure arrives at a politically sensitive time, as US banks lobby for extended deadlines under the GENIUS Act, which mandates stablecoin issuers to maintain fully verified dollar reserves. Tether’s announcement in March 2026 of a formal KPMG audit signals preparation for the heightened compliance standards expected from the act, which was signed into law in July 2025 and takes full effect by January 18, 2027.

With this audit, Tether moves toward its first Big Four verification, shifting from attestations to a more rigorous audit standard. The reserve composition already meets the GENIUS Act’s requirement for a 1:1 backing by cash or liquid assets, but full audit verification is necessary to satisfy regulators and institutional partners.