US Senator Elizabeth Warren has launched an anti-crypto re-election campaign while China and Brazil have agreed to settle trades in their own currencies, reducing reliance on the US dollar. China and France have also forged an agreement to trade liquid natural gas, also using the Chinese yuan, in a bid to further diminish dependence on the US dollar. Meanwhile, the SEC is requesting $2.2bn in funding, including $680m to hire 1,500 enforcement staff, to focus on enforcement rather than guidance. A battle for power is also ongoing between the CFDC and the FTC SEC, both of whom claim jurisdiction over cryptocurrencies.
We just got absolutely screwed and here’s exactly why
Recently, CNBC Trader Jim Cramer made some comments about the ongoing SEC vs Ripple lawsuit that caused the XRP price to drop. In this article, we will explore what happened and also discuss some other factors that are affecting the crypto market.
Jim Cramer’s Comments
Jim Cramer, a well-known trader on CNBC, suggested that Ripple might win the lawsuit against the SEC. This caused the XRP price to immediately start dropping. Cramer is known for being wrong in his predictions and his comments caused a significant blow to the XRP price.
In addition to Jim Cramer’s comments, U.S. Senator Elizabeth Warren has launched an anti-crypto campaign. She is building an anti-crypto army, and this news has caused concern among crypto investors. The Reliance on the US dollar is ending as countries like China and Brazil settle trades in their own currencies, and Saudi Arabia enters a trade alliance with China, Russia, India, Pakistan, and four central Asian nations.
The US SEC has come under fire for its focus on enforcement over clarity, and the SEC’s jurisdiction in the crypto space is being questioned. Investment giant Fidelity has announced plans to hire for its crypto and token research team with the ambition of managing $4.5 trillion dollars in assets.
Battle for Power
There is currently a battle for power between the CFTC and the FTC SEC, as both agencies claim jurisdiction over cryptocurrencies. This battle raises questions about the motives behind the SEC’s actions regarding crypto.
There are many factors affecting the crypto market, from comments by well-known traders to government regulations. As crypto investors, it’s important to stay informed about these factors and their potential impact on the market.