- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin Price Prediction: Profit-taking in DOGE hits monthly high, raising the risk of a crash
Dogecoin (DOGE) hovers below its key weekly level of $0.18 at the time of writing on Monday, signaling a waning of bullish momentum. DOGE is flashing early warning signs, as on-chain data indicates rising selling pressure among holders, with profit-taking having surged to a monthly high and dormant wallet activity rising.
SPX6900 Price Forecast: Bullish continuation eyes new all-time high
SPX6900 (SPX) meme coin edges higher by almost 2% at press time on Monday, following a 4.71% brilliant recovery the previous day. The renewed confidence of whales in the meme coin is suspected to have catalyzed the recovery, resulting in increased optimism in SPX derivatives.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP stabilize near critical support levels
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of stabilization around key support levels after a recent correction last week. BTC attempts to regain strength after closing below its critical support level, while ETH and XRP hover near technical thresholds that could determine the direction of their next moves.
Top Crypto Gainers Price Prediction: Jito, Bitcoin Cash, and Solana lead the market recovery
The broader cryptocurrency market ended the previous week with a minor recovery on Sunday. Holding gains from the prior day, Jito (JTO), Bitcoin Cash (BCH), and Solana (SOL) are the top performers over the last 24 hours. Despite a minor pullback on Monday, JTO, BCH, and SOL are close to breaking out critical levels, potentially extending gains this week.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.