XRP news today: Federal Reserve Rescinds Crypto Guidance for Banks CME Group to Launch XRP Futures on May 19 Deloitte Forecasts $4 Trillion Tokenized Real Estate Market by 2035

The Federal Reserve has joined the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) in rescinding previous cryptocurrency guidance to banks. This move removes the requirement for financial institutions to obtain regulatory pre-approval before engaging in crypto-related activities. The Federal Reserve's decision, announced on Thursday, aims to support innovation within the banking system by rescinding four pieces of crypto guidance issued in 2022 and 2023. These guidelines had outlined potential risks to banks involved in the cryptocurrency sector. Instead of following these special directives, the Fed will now monitor banks' crypto-asset activities through the normal supervisory process. This shift in regulatory oversight means that cryptocurrency management at financial institutions will now be handled by bank managers and compliance departments. The banking industry is now awaiting new legislative guidance from Congress to establish clearer parameters for how digital assets should operate within the US financial system.

CME Group has announced plans to launch cash-settled XRP futures on May 19, pending regulatory approval. This expansion of the exchange’s crypto derivatives offering will include two contract sizes: a smaller 2,500 XRP contract and a larger 50,000 XRP contract. Both contracts will be cash-settled based on the CME CF XRP-Dollar Reference Rate, which tracks XRP's price daily at 4:00 p.m. London time. Giovanni Vicioso, global head of cryptocurrency products at CME Group, highlighted the increasing interest and adoption in XRP and its underlying XRPL (XRP Ledger) network among both institutional and retail investors. This launch follows CME's introduction of Solana (SOL) futures in March, adding to its existing suite of cryptocurrency derivatives that includes Bitcoin (BTC) and Ethereum (ETH) futures and options contracts. The new XRP futures will provide investors with exposure to XRP price movements and offer additional tools for risk management and trading strategies in the crypto market.

Deloitte Center for Financial Services has released a report forecasting that the tokenized real estate market could grow to $4 trillion by 2035, up from less than $300 billion currently. This represents a compound annual growth rate of 27%, signaling a potential transformation in how property is financed, owned, and traded. Real estate tokenization, which involves creating digital representations of property assets on blockchain technology, is positioned to move from experimental status to become a fundamental component of the real estate industry. The process offers several advantages including operational efficiencies, faster and cheaper settlements, and increased accessibility for a broader range of investors. The technology's appeal for the real estate sector stems from its ability to automate and simplify complex financial arrangements. For example, real estate funds can be launched on-chain with coded rules that automatically handle ownership transfers and capital flows. The report cites Kin Capital's $100 million real estate debt fund tokenization platform Chintai as an example of this implementation. Despite the promising outlook, the sector still faces challenges including questions around asset custody, regulatory clarity, and protocols for handling default scenarios.