Altcoin bulls battle US regulatory crackdown and anti-crypto campaigns: XRP, XLM, HBAR, KAS
|- Senator Elizabeth Warren and Sen.Roger Marshall are set to introduce the Digital Asset Anti-Money Laundering Act, again.
- Sen.Warren has voiced her criticism of cryptocurrencies and added to the regulatory crackdown and woes faced by crypto exchanges and projects.
- Despite the regulatory hurdles, altcoin bulls pushed XRP, XLM, HBAR, FLR and KAS prices higher over the past week.
US Senator Elizabeth Warren has shown determination in passing a legislation to tackle concerns surrounding cryptocurrencies. The Senator, alongside Sen.Roger Marshall is set to re-introduce the Anti-Money Laundering act that relates to digital assets.
Interestingly, despite the changing macro environment and increasing regulatory pressures, altcoin bulls have pushed XRP, Stellar (XLM), Flare (FLR), Hedera (HBAR) and Kaspa (KAS) prices higher over the past week.
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Will Sen.Elizabeth Warren’s anti-crypto campaign dampen altcoin holder sentiment?
Senator Elizabeth Warren is popular as a critic of cryptocurrencies. Sen.Warren is known to have coordinated efforts to regulate digital assets and came out as a critic for Facebook’s proposed cryptocurrency Diem (formerly known as Libra).
Warren has started an “anti-crypto” campaign, highlighting the issues surrounding cryptocurrencies faced by the industry. Sen.Warren has been making headlines for the re-introduction of the Digital Assets Anti-Money Laundering Act. The legislation aims to identify loopholes and close them, to avoid money laundering in crypto transactions.
The re-introduction of the act would imply that exchanges and digital asset service providers need to comply with AML laws. While most crypto exchanges like Coinbase and Binance have embraced legislation in the past, it is concerning for US traders that transactions worth $10,000 or more would require the US Treasury to run an AML compliance examination on them.
While Sen.Warren’s campaign and news of the act has been making headlines, the sentiment among altcoin bulls is not dampened yet.
Five altcoins that yielded double-digit gains
XRP, XLM, FLM, HBAR and KAS are the five cryptocurrencies that yielded nearly double-digit gains over the past week. Bulls consistently pushed these asset prices higher despite the shift in the macro outlook and heating Layer 2 token narrative.
Altcoins that yielded double-digit gains
Factors like developmental updates, project announcements and anticipation surrounding a positive outcome in the SEC v. Ripple lawsuit have influenced the sentiment among token holders. In addition to the above factors, the alt season narrative that gained relevance over the past week is one of the key drivers of the altcoins’ price rallies.
The anti-crypto stance of regulators or regulatory agencies is one of the many factors that influences sentiment among holders. It remains to be seen whether altcoin bulls defend the key support levels and gains from the past week, amidst rising regulatory pressures.
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