- Pro-XRP lawyer criticized Senator Warren’s crypto oversight
- XRP continues to ride the wave of bullishness, esp. on social media
Tensions in the ongoing debate around cryptocurrency regulations escalated after pro-XRP lawyer John Deaton responded to Senator Elizabeth Warren’s recent comments during a U.S. Senate Banking Committee hearing.
Senator Warren’s advocacy for stricter oversight of crypto-validators and stablecoin users has drawn criticism from Deaton. In doing so, he highlighted the increasing gap between crypto-proponents and policymakers.
In his recent X (Formerly Twitter) post, he commented,
“@Senwarren has shown time and again she’d rather play politics than find real solutions.”
This clash also underlines the complexity of regulating blockchain technology and its implications, and the reactions it is likely to elicit within a very vocal community.
XRP’s bullish momentum despite SEC lawsuit
Against the backdrop of Ripple’s ongoing lawsuit against the SEC, heightened market volatility has emerged. As expected, this has fueled concerns about potential increases in supply. However, data from Coinglass revealed that the altcoin is still tracing a bullish trend on the charts.
Echoing similar sentiments, XRP, at the time of writing, was up by 3.41% on the weekly charts. What this means is that despite short-term fluctuations, a surge in open interest and derivatives volume has resulted in growing trader confidence – A sign of positive momentum.
Needless to say, social media is buzzing with optimism too, with some commenting on Yoshitaka Kitao’s latest comments. @RippleXrpie, shedding light on SBI CEO’s recent mark noted,
“BOOOOOOOOOOOOOOOOOOM!!!! SBI CEO: “Every Bank In Japan Will Use #XRP By 2025”. Brad Garlinghouse: “2024 Will Be Big!””
Others like @UniverseTwenty remarked,
#XRP 1$+ Before End Of April.”
Garlinghouse’s optimism on XRP ETFs
People on social media aren’t the only ones who are hopeful. For example, when asked about potential XRP ETFs at the Paris Blockchain Week,Brad Garlinghouse, CEO of Ripple, noted,
“I am not saying just buy Bitcoin or just buy XRP. I am saying you want to invest in a basket and have a diversification.”
He went on to add,
“In the United States, there are only 2 cryptos that have regulatory clarity – Bitcoin, and because of the fight we had at the courts, XRP. It has regulatory clarity that it’s not a security. I think it’s different, it does matter!”
Garlinghouse soon went on to remark that there will be other ETFs in the U.S, besides Bitcoin ETFs. With XRP recording signs of recovery at press time, the next few months could be very positive for the altcoin.
