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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

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.

Industry City | 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.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

REPORT_Template.png

Research

The Sonic blockchain is leveraging redesigned airdrop incentives and its FeeM program to propel DeFi activity and attract institutional capital, setting the stage for ecosystem growth. Within this environment, leading protocols Shadow Exchange and Silo are poised to asymmetrically benefit due to innovative features and favorable valuations, despite facing ecosystem dependency and competitive pressures. This positions them as compelling, potentially shorter-term, investment opportunities contingent on Sonic's sustained success.

article-image

Bitcoin needs a price, but its magic runs deeper

article-image

Circle had a pretty successful first day of trading, but what’s next for the stablecoin issuer?

article-image

Solana’s USDC caught a boost after being paired with the TRUMP memecoin

article-image

The stablecoin issuer’s successful first day of trading is likely to spur more crypto IPOs, industry watchers say

article-image

Job openings rallied and continuing claims stalled ahead of May’s employment report

article-image

A group of Twitch streamers battle for bitcoin. Will their chats help them?