XRP price risks 7% fall as Ripple lawyer names ‘the single biggest threat to crypto in the US’
- Ripple lawyer John Deaton has identified US Senator Elizabeth Warren as the most pronounced threat to crypto.
- It comes after Warren proposed a bill, rallying nine US Senators alongside her from both the Republican and Democratic parties.
- According to Deaton, Warren is more dangerous than SEC chair Gary Gensler.
Ripple (XRP) price risks an extended fall amid waning momentum and bears increasing their presence in the XRP market. Meanwhile, Ripple lawyer John E. Deaton has cast shade against Senator Elizabeth Warren (D-MA), calling her “the single biggest threat to crypto in the United States.”
Also Read: Ripple price risks a 7% fall but tailwinds abound for BTC after Google suggested ETF readiness
Ripple lawyer attacks Senator Warren
Ripple lawyer Deaton has called out Senator Warren for being the greatest oppressor of crypto in the US, adding that she poses a bigger threat to the industry than Gary Gensler, the chair of the US Securities & Exchange Commission (SEC). According to the Ripple attorney, Warren gives Gensler his “marching orders”.
Her bill is a BIG deal. NINE U. S. Senators have joined her, including Republicans and Independents. As I’ve said, if you’re talking about people, Elizabeth Warren is the single biggest threat to Crypto in the United States. It’s not Gensler because Gensler takes his marching… https://t.co/N6PnYlFQVZ
— John E Deaton (@JohnEDeaton1) December 12, 2023
The comments come after Warren proposed a bill to "crack down" on the crypto industry at large, adding that it needs to be brought "into greater compliance”. Per the bill, which is called the Digital Asset Anti-Money Laundering Act of 2023, Warren’s bone of contention is that digital currencies are an enabler of criminal activities, which is why she suggests the use of stringent regulatory frameworks to address the asset class.
Warren’s proposed bill
In an interesting turn, the bill garnered support from both sides of the political divide, Democrats and Republicans, comprising a coalition within the Banking Committee. She calls for increased vigilance in reporting due diligence, including Know-Your-Customer (KYC) requirements, and filing reports on "transactions involving unhosted wallets". These are responsibilities featured in the Bank Secrecy Act (BSA).
It is worth noting that Warren has introduced 305 bills in Congress, none of which have become law. However, this one could deliver a different outcome, considering the bipartisan support it has garnered following the recent Binance debacle.
Meanwhile, as Deaton takes a shot at Senator Warren, XRP price remains underwater, risking an extended 7% slump to the $0.5773 support level after a rejection from the supply zone.
XRP/USDT 1-day chart
At the time of writing, the XRP price is $0.6076.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
