© Reuters US Regulatory Paralysis Impacts Jobs, Investment: John Deaton
- Crypto lawyer John Deaton believes that US regulatory paralysis has measurable impact in terms of jobs and investment lost.
- Congressman Patrick McHenry asserts that the SEC’s regulation by enforcement regime is pushing innovation in the digital asset ecosystem overseas.
- Meanwhile, remittance token is currently trading at $0.4242.
XRP advocate John Deaton re-quoted analyst Susan Friedman’s take on US regulators, highlighting the point that US regulatory paralysis has real, measurable impact in terms of jobs and investment lost.
#XRPCommunity #XRP From @Ripple’s @ss_friedman “US regulatory paralysis has real, measurable impact in terms of jobs and investment lost.” https://t.co/FrQGcRAnsw
— James K. Filan (@FilanLaw) May 10, 2023
Friedman in her own tweet had endorsed Congressman Patrick McHenry’s view that the SEC’s regulation by enforcement regime is pushing innovation in the digital asset ecosystem overseas, threatening American competitiveness. “Republicans will provide regulatory clarity for digital assets to preserve this technology and its potential here in the U.S.,” he claimed.
Just last week, John Deaton posted a 15-tweet-long thread detailing the SEC’s many follies. Documenting the timeline of the SEC’s actions, Deaton called the bewildering mess of regulatory initiatives shameful and pointed out some of the contradictory statements made by US regulators.
Meanwhile, with a total market cap of $21,978,368,292 and 24-hour trading volume of $1,022,728,023, XRP is currently trading at $0.4242, showcasing a slight surge of 0.25% in the last hour. However, the remittance token is down 0.27% over the last 24 hours and has tumbled 8.38% over the past week.
Daily chart for XRP/USDT (source: TradingView)
The 20 EMA line on XRP’s daily chart has been positioned above the 9 EMA line since it crossed above it at the end of last month. This signals that XRP’s price has entered into a bearish cycle and may remain there especially considering that the current XRP price trades below both these EMA lines.
Another significant bearish flag that has triggered on XRP’s daily chart is the RSI line, which has been crossing bearishly below the daily RSI SMA line for the past few days. With the RSI at around 33, XRP is dangerously close to the oversold region.
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