XRP’s drop below $0.55 coincided with Ripple’s planned release of 1 billion XRP from escrow. The monthly release comes at a delicate time for XRP, with uncertainties surrounding the Ripple case impacting demand, increasing sensitivity to supply trends. However, US politics could influence the SEC’s decision to appeal the rulings and XRP’s request.
Massachusetts Primary: A Battle With Potential Cryptocurrency Implications
On September 3, John E. Deaton, founder of CryptoLaw US, will face Senator Elizabeth Warren in the Massachusetts primary.
The outcome of the primaries could have a significant impact on the cryptocurrency industry. A Deaton victory could mark the end of Sen. Warren’s anti-crypto campaign, which has focused on imposing strict, banking-style regulations on the industry.
In 2023, Senator Warren aimed to impose bank-style regulation on cryptocurrency companies by introducing the Digital Asset Anti-Money Laundering Act. The bill may not pass Congress if Warren loses her seat. Senator Warren has cited reports of cryptocurrency being used for illicit purposes to drum up support for the bill.
In December 2023, Senator Warren said:
“The Treasury Department is clear that we need new laws to combat the use of cryptocurrencies that enable terrorist groups, rogue states, drug lords, ransomware gangs, and fraudsters to launder billions of dollars in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks.”
