SEC Chairman Opens New Era of Encryption Policy: Ripple Case Dismissal in Sight, U.S. Aiming for Global Crypto Hub | Latest Dynamics in Crypto Market

Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), released significant policy signals at a critical time. On the eve of the August 15th deadline for the appeal in the Ripple case, Atkins announced the launch of "Project Crypto," aimed at overhauling securities regulations and accelerating the on-chain transformation of the U.S. capital market. This statement has sparked strong market expectations for the SEC to vote to withdraw the appeal in the Ripple case. At the same time, institutional accumulation of BTC has led to a supply-demand imbalance, strengthening both XRP and Bitcoin prices. This article will deeply analyze the key impacts of the SEC's policy shift on the progress of the Ripple case, the prospects for XRP Spot ETF, and the price movement of Bitcoin.

(SEC New Policy: Atkins Announces "Encryption Plan" Strategy) In a speech on August 4 at the American Priority Policy Institute (@a1policy), SEC Chairman Atkins proclaimed that the U.S. encryption regulation has entered a new era: "We will ensure that the next chapter of financial innovation is written in the United States." The "encryption plan" he co-pushed with Commissioner Hester Peirce will become SEC guidelines, helping the Trump administration achieve its historic goal of "making America the world's encryption capital." Atkins emphasized that the SEC will not sit by while innovation develops overseas and the domestic capital market stagnates, citing the President's Working Group on Financial Markets (PWG) report stating: "This report is a blueprint for keeping the U.S. at the forefront of blockchain and encryption technology." This statement marks a significant shift in U.S. digital asset policy, completely bidding farewell to the anti-encryption stance of the Biden-Gensler-Warren era.

(XRP case dismissal dawn: SEC internal voting countdown) Atkins's speech coincides with a critical node in the XRP case. As the August 15 deadline for the federal appeals court filing approaches, the market is closely watching whether the SEC will conduct an internal vote to withdraw its appeal against Judge Torres's ruling that "XRP's programmatic sales do not constitute securities." Legal experts point out that since Judge Torres rejected the joint motion regarding the settlement terms in June, the SEC may need to vote again to decide on an unconditional dismissal. Former SEC lawyer Marc Fagel analyzes: "Given the time delay, a revote is clearly necessary." Pro-crypto lawyer Bill Morgan raises a key question: "Can Atkins persuade the SEC commissioners to vote to dismiss the appeal?" The next closed-door SEC meeting is scheduled for August 7, which will be the second-to-last voting opportunity before the deadline.

(XRP price strongly rebounds, multiple catalysts approaching) Driven by favorable policies, XRP surged 4.17% on August 4, closing at $3.0732, significantly outperforming the market's 1.98% increase. Its short-term price movement depends on five key catalysts:

1. SEC appeal dismissal vote result
2. XRP Spot ETF Approval Progress
3. XRP US bank license acquisition progress
4. SWIFT Cross-Border Payment Cooperation Update
5. The legislative process of the "Clear Act" and the "21st Century Mortgage Act" If it breaks through the resistance level of $3.1, XRP is expected to target the July 28 high of $3.3302, and subsequently challenge the historical peak of $3.6606. However, if it falls below the $3 level, it may test the support of the 50-day EMA, or even test the low of $2.7254 on August 3.

( Bitcoin supply and demand imbalance intensifies, institutions continue to buy ) Bitcoin(BTC)rose by 0.69% on August 4, closing at $115,098. On-chain data shows that the institutional accumulation trend continues: as of the week ending August 3, 25 institutions purchased 33,411 BTC, continuing the trend of the previous week where 22 institutions bought 52,019 BTC. MicroStrategy(MSTR)holds the top position with 628,791 BTC, increasing its holdings by 21,021 BTC over the week. Japanese listed company Metaplanet announced the latest addition of 463 BTC (average price of $115,895), bringing its total holdings to 17,595 BTC (average cost of $101,422), ranking sixth in institutional holdings. Notably, miners produced only 3,150 BTC that week, exacerbating the supply-demand imbalance.

( The outflow of funds from the US BTC Spot ETF has slowed down ) The improvement in supply and demand has alleviated the selling pressure of the ETF. Key capital flows on August 4 showed:

• Fidelity FBTC net outflow of 40.1 million USD
• Grayscale GBTC net outflow of 9.9 million dollars
• Bitwise BITB net inflow of 18.7 million USD In the context of BlackRock's IBIT data yet to be released, the entire market saw a net outflow of 40.1 million USD, significantly narrowing from 812.3 million USD on August 1.

(BTC price movement: Economic data and policy game ) Bitcoin's short-term price movement is dominated by four major factors:

1. US Services PMI and Employment Data
2. Federal Reserve Officials' Monetary Policy Signals
3. Legislative Process of the "Clarity Act"
4. BTC Spot ETF Fund Flow Bearish Scenario: Legislative delays, weak PMI, hawkish Fed comments combined with ETF capital outflows may lead to BTC breaking below the 50-day EMA and testing the support at $110,000. Bullish Scenario: Bipartisan support for the encryption bill, strong PMI data, and dovish Fed statements along with ETF capital inflows will drive BTC to challenge the historical high of $122,055.

( Key Market Catalysts Reminder ) Traders need to closely monitor the five major price driving factors:

• XRP Case Progress: SEC Dismissal Vote Result
• Legislative Dynamics: The voting process of the "Clarity Act"
• Economic Indicators: ISM Services PMI and Initial Jobless Claims
• Policy Signals: Federal Reserve Officials' Interest Rate Stance
• Capital Movement: Spot ETF Inflow/Outflow Trend

Conclusion: Atkins' policy declaration coincides historically with the timeline of the XRP case, marking the beginning of a paradigm shift in U.S. crypto regulation. If the SEC withdraws its appeal as scheduled, it will completely eliminate the regulatory shadow that has suppressed XRP for four years and pave the way for the approval of a spot ETF. Coupled with the supply-demand imbalance caused by institutional accumulation, the crypto market may usher in a new round of price increases driven by both policy and capital. Investors should pay close attention to the SEC's closed-door meeting resolution on August 7 and the court deadline on August 15; these two events will become key milestones for assessing market direction.