XRP and tokenization gain institutional traction as Bitwise flags rising questions

Bitwise Research chief Ryan Rasmussen says institutional engagement in crypto is shifting toward practical use cases, with “XRP and tokenization” repeatedly coming up in meetings with 700+ financial professionals (advisors, lawyers, planners). Rasmussen noted questions have tripled versus prior sessions, suggesting a more constructive sentiment. In the discussion, firms are moving from debating crypto’s legitimacy to evaluating where value will accrue as tokenization expands. Bitwise CIO Matt Hougan described the current cycle as “night and day” compared with post-FTX and the 2018 bear market, when institutional interest faded. He highlighted Wall Street build-outs—especially tokenization and stablecoin efforts—pointing to longer-horizon positioning. Regulation remains the key catalyst. Hougan referenced the proposed “Clarity Act” and noted progress by the U.S. SEC and CFTC, including a framework classifying assets. Bitcoin, Ethereum, and XRP were placed under the “digital commodity” category, reflecting their value tied to network utility. A further focus is which networks capture tokenization value. Institutions are reportedly weighing XRP, Ethereum, and Solana as potential beneficiaries, while traders watch for follow-through if regulatory clarity accelerates capital allocation. (Informational; not financial advice.)