- Opinions from blockchain policy experts differ on crypto regulatory crackdown despite XRP’s long-running SEC case.
- The United States Congress intends to investigate the recent operation.
The recent hostility shown in the crypto sector could be the key to this Ripple (XRP) your bottom line fight sec.
The final regulatory choice may have the biggest impact on XRP, as it is the most notable cryptocurrency subject to bureaucratic orders.
realistic or not, here it is XRP market cap in terms of BTC
While there was still no certainty about the trajectory of the case, some influential figures in the crypto policy space took to Twitter to share their views.
Crossroads in Illinois
Andrew Hinkes, who is a blockchain advocate, was adamant that the Illinois Senate bill would negatively affect blockchain progress in the country.
If you thought it was wrong. get ready for #Illinois Your chain of blocks! Yeah, #Illinois it will force you to rewrite your blockchain, especially by including smart contract code capable of responding to court orders. And if you don’t, you can be prosecuted /10
–Drew Hinks (@propelforward) February 19, 2023
Illinois Senate on February 9 introduced the bill Its goal is to protect digital assets and blockchain transaction rights.
But Hinkes said the bill does not consider the security of validators, miners, and node operators. Referring to a section of the bill that imposes fines on the aforementioned parties, Hinkes said:
“The way it seeks to protect consumers is by requiring node operators, miners, and validators to do things that are impossible, or things that create new criminal and civil liabilities for themselves, under penalty of fines.”
However, XRP been on chain The last month has not been the best. Despite a significant increase in active addresses in January, it failed to replicate performance.
At press time, 30-day active addresses were down to 254,000.
This means that there has been a reduction in the number of wallets sending and receiving wallets on the Ripple network. Furthermore, there was a large decrease in the circulation of XRP in the same period.
The statement’s interpretation, as shown above, may lead to investor caution given the recent action.
Jake Chervinsky, on the other hand, supported the regulatory heat, noting that the way the policy may be needed ftx collapse happened.
Yes, it is a regulatory action.
Agencies were shocked by FTX and other 2022 failures, so now they are overreacting with tougher enforcement and more restrictive regulation.
They’re taking your meat, and it hurts.
No, this is not the end of cryptocurrencies in the United States.
—Jake Chervinsky (@jchervinsky) February 19, 2023
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spreading like wildfire
For his part, Stuart Alderotti, General Counsel of Ripple shared The Wall Street Journal reports on the ongoing contentious relationship between banks and crypto companies. news forum specified by the recent crackdown, saying,
“Banks that stay away from cryptocurrency are trying to stay away, closing accounts and turning away clients with potential industry connections.”
However, Senator Bill Haggerty tweeted that he was aware of the challenges.
He noted that current regulatory operations using banks as tools could destroy legitimate businesses. But he also assured that the US Congress will investigate the matter.
Make no mistake, this Operation Chokepoint 2.0 is being overreached by bank regulators, and you should expect to hear from Congress soon.
— Senator Bill Hagerty (@SenatorHagerty) February 17, 2023
At the time of writing this article, XRP changed hands At $0.394: down 3% in the last 30 days.