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After Chinese Crackdown Is The Crypto Space Heading Towards A Suppression From The U.S?

Written by: Elena R

December 2, 2021

The crypto town remains jittery, as folks from the town sense trouble thunder striking the crypto industry. The feeling of dread has been creeping in following the recent crypto conference, which was nerve-wracking for the industry. As the SEC chairman expresses his views on the crypto industry.

On the other hand, viewers of the conference feel secluded. As neither the SEC Chairman Gary Gensler nor the Former Chairman Jay Clayton. Take up questions over the much-talked-about Ripple controversy. The conference has enraged sections in the business.

Is The Crypto Market Heading Towards The Clutches Of Bears?

The law firm Crypto Law U.S enlightens on the discussions in the crypto conference. And the views expressed by Charles Gasparino. Gary Gensler at the conference narrates the crypto industry as a dark place, wherefore the cryptos are used for ransomware and other heinous reasons. He also cited that all exchanges and platforms, whether centralized or decentralized, need to register with the SEC.

The SEC Chairman calls digital transactions of FIAT, stocks, and bonds digital assets. But he believes stable coins need regulators to determine if there are tangible assets backing them. He had earlier summoned stable coins as poker chips.  

Folks from the business are anticipating Gensler to double down on an aggressive enforcement approach. Meanwhile, XRP lawyer John Deaton believes Gensler will continue regulation by Enforcement. Charles Gasparino presumes Gary Gensler might go after ETH and other digital assets if the SEC wins the case. He mentions that neither Jay Clayton nor Gary Gensler mentions XRP. Which has been a bummer for the space.

XRP Price Remains Undeterred?

XRP at the time of writing is trading at $0.9760 while scripting negative gains of 2.7%. The market cap of the digital coin is currently hovering around $46,101,966,394. While the volume of trades for around the clock is at $3,940,546,923. XRP price is trading in the bandwidth from $0.954466 to $1.02 since the previous day.

Collectively, XRP price now seems to be immune to its lawsuit. As the price of the digital asset doesn’t react in any which ways. Hopefully, the legal tussle subsides with the start of 2022, which the industry has been anticipating. XRP winning the legal battle would accompany leaps and bounds of empowerment to the network and to the crypto town in general.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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