Monday, December 27th, 2021
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Your Weekly Update On All Things Crypto |
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Ripple Closes Out 2021 With ‘Strongest Year To Date’ In Spite of Ongoing Lawsuit |
As 2021 draws to a close, many in the cryptocurrency community look back at the year we have had and all the ups and downs that the industry has gone through. Although numerous cryptocurrencies managed to reach new all time highs, it is perhaps Ripple (XRP) that needs to be talked about the most simply because it has managed to record its most successful year yet despite the fact that it is still facing the ongoing lawsuit by the United States SEC.
‘A breakthrough year’
Amid continuing proceedings and seemingly endless legal battles between the SEC and Ripple, XRP has nevertheless witnessed substantial growth internationally, with the price going from below $0.5 in 2020 to reach over $1.5 in just a year's time.
Ripple's CEO, Brad Garlinghouse, stated on December 22nd via Twitter that it had been an entire year since the SEC filed the lawsuit against Ripple, Chris Larsen, and himself, claiming that XRP, which is a well-known publicly traded cryptocurrency, ought to have been registered as a security. Moreover, he reiterated his stance that the lawsuit was not just an attack on Ripple, but on the cryptocurrency industry and market within the United States. He also noted that some had initially accepted the charges made by the SEC at face value followed by the assumption that it had perhaps been a one-time occurrence, however this is not the case anymore.
Regardless of the present legal struggle however, the CEO confirmed that 2021 has been recognized as a breakthrough year for both Ripple as well as the cryptocurrency sector as a whole. Garlinghouse specifically noted that this year was XRP's finest, with RippleNet seeing its best year to date in addition to experiencing massive growth on a global scale. Furthermore, ODL (On-Demand Liquidity) is currently available for payment requirements in more than 20 nations globally. ODL transactions had also surged by a whopping 130% quarter over quarter, making up 25% of accumulated dollar activity during the network's third quarter.
In terms of international expansion, Ripple had also set up shop in Southeast Asia via a partnership with Tranglo in Malaysia and a collaboration with Novatti, an Australian payments company, through which they could participate in the Philippines market.
Cardano experiences similar success
Frederik Gregaard, the CEO of the Cardano Foundation, recently described 2021 as a 'year of enormous growth' during which Cardano and its native token ADA experienced tremendous success, with the price of ADA increasing by about 700% from last year.
Gregaard further stated that this year saw the Cardano protocol undergo gradual growth, community development, technological innovation, and collaborations that aided its progress. The CEO also noted various on-chain events that he believes indicate increased adoption for the foreseeable future.
In the end, one can only hope that the cryptocurrency industry can continue this wave of momentum into 2022 as global regulators, authorities and financial watchdogs consistently try to halt the unprecedented progress of this industry.
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Senator Lummis Plans to Introduce Clearer Guidelines in 2022 with New Crypto Bill |
As per the latest developments, United States Senator Cynthia Lummis, a major advocate for the cryptocurrency industry and one of Bitcoin's most ardent supporters on Capitol Hill, has announced that she will be pitching some much-needed new ideas and regulatory changes to Congress next year regarding the formation of a cryptocurrency regulatory agency as part of her comprehensive digital asset policy plan.
Lummis, a member of the Senate Banking Committee, desires nothing less than full acceptance of digital assets within the United States. Her future policy would ideally propose federal regulations for stablecoins in addition to consumer protections as well as revised taxation instructions. Moreover, she also wants to introduce a new watchdog in the form of a self-regulatory agency run by the executive branch's swaps and securities regulatory authorities.
A fully ‘comprehensive’ bill
A lot of today’s issues surrounding the cryptocurrency industry revolve around those being regulated at the state level, and numerous crypto enthusiasts have talked at great length about the increasing need for more regulations in order to legitimize the sector, with FTX CEO Sam-Bankman Fried recently mentioning this need to Congress not too long ago.
As such, Lummis had previously stated that she was working on a 'complete' measure for this calendar year. The endeavor comes at a time when Congress is grappling with virtual assets on numerous fronts. Members of Congress questioned prominent cryptocurrency leaders earlier this month in a session that was as much about introducing educational efforts as it was about overseeing the rapidly developing sector.
With that being said, the senator's bill shall reportedly address one of the main complaints that regulators and agencies such as the SEC have had pertaining to securities and how laws centered on them are much too ambiguous to cope with the current state of the cryptocurrency sector and its constant changes. Her recommendations shall hence involve clear instructions to regulators on the various asset types.
A new era for cryptocurrencies and regulations
As the cryptocurrency sector continues its record-breaking wave of momentum (which saw the likes of popular cryptocurrencies such as ADA, ETH and XRP all record amazing spikes in price from last year until now), there is a lot of concern about its future and the role that regulators shall play. Although the doors for healthy debate and discourse continue to open, there are nevertheless those such as China who wish for nothing more than to put an end to this thriving industry.
Whatever the future does hold however, we can only hope that it is positive and that people of influence such as Senator Lummis strive to work in favor of the cryptocurrency space instead of actively against it, as well as continue to tackle contemporary issues from a place of understanding rather than one of contempt.
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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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