Tokens in SEC’s ‘crosshairs’ could benefit from new era: Kaiko

Dragonfly’s Haseeb Qureshi had an interesting read-through about the interest in XRP and how that translates into this broader cycle

article-image

Dragonfly managing partner Haseeb Qureshi | Permissionless I by Blockworks

share


This is a segment from the Empire newsletter. To read full editions, subscribe.


XRP’s up 120% in the past week. It’s also seen a “stark uptick” in volatility, according to Kaiko analysts. 

Realized volume is up over 100%, marking its newest high since July 2023 (in case you need a refresher, that’s when the court ruling about institutional sales was filed). 

And here’s something interesting: XRP’s move over the weekend actually eclipsed bitcoin volumes.

“Seeing stronger volumes accompany a move higher in prices implies that the move has a broad base and is less likely to be just a fleeting change,” analysts wrote.

For Kaiko, these data sets suggest that tokens that had previously been in the SEC’s line of fire could see some reprieve — and a potential jump — as the SEC enters into a new era. One in which the market feels pretty comfortable betting that the agency won’t take as much offense to crypto’s existence, though we don’t know who will be handpicked by President-elect Donald Trump to lead the new regime. 

My colleague, Fox’s Eleanor Terrett, thinks there’s a possibility that we could have a name as soon as today.

Loading Tweet..

Dragonfly’s Haseeb Qureshi, on the Empire podcast this morning, had an interesting read-through about the interest in XRP and how that translates into this broader cycle — because, surprise, I always like to find an excuse to zoom out. Basically, he thinks this is a sign that folks aren’t just here for the memes. 

“Most people don’t want to do this nihilistic thing of ‘I’m just betting that this thing is going to go up and down’ because they don’t actually think they’re gambling. They think that they are investing in the future,” Qureshi said.

Don’t get me wrong, David and I know there’s an appetite for the memes, but I think Qureshi’s point is a salient one: Those who are new in crypto or who have been in crypto have heard talking heads, analysts, even Trump, say that there’s valuable technology in this space and that’s why they’re here. Memes just happen to make it fun…for those who want to partake. 

I’m with Qureshi here, and WisdomTree’s Jason Guthrie (which, funny enough, filed for an XRP ETF just yesterday). 

Let the memes pump but don’t let them overshadow the fact that more concrete interest is on the rise — and change is on the horizon.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Flashnote Template (6).png

Research

Trading of the President's TRUMP memecoin sent the market capitalization to over $15B, resulting in all-time highs for Solana’s Real Economic Value, DEX volumes, and stablecoin supply. This event further validates Solana as the venue for high-throughput onchain activity, with Solana DEXs and DeFi applications as primary beneficiaries, while also signaling to further experimentation, utilization, and adoption of memecoins as legitimate financial instruments for speculation, crowdfunding, or capital formation. President Trump’s continued willingness to experiment in crypto reaffirms a highly-favorable political and regulatory climate for the industry.

article-image

Donald Trump has slightly backed off from the ambitious tariff goals he touted on the campaign trail

article-image

Some have called it “a relief” that the task force will be led by the crypto-friendly Hester Peirce

article-image

By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance

article-image

The new task force shows that crypto’s officially entering a new era

article-image

After seven long years, ICOs could be back on the menu

article-image

The Solana network housed around $6.1 billion stablecoins on Friday, according to Blockworks Research data