Ripple [XRP]: On regulatory heat, crackdowns, and the way forward
The recent hostility shown in the crypto sector could be vital to Ripple’s [XRP] final result in its battle against the SEC .
The final regulatory choices might have the most effect on XRP because it has been the most notable cryptocurrency subject to bureaucratic command.
Realistic or not, here’s XRP’s market cap in BTC terms
While there was still no certainty about the case’s trajectory, some influential figures in the crypto policy space took to Twitter to share their opinions.
Andrew Hinkes, who is a blockchain lawyer, stood firm on his opinion that the Illinois Senate bill would negatively affect the blockchain strides in the country.
<p lang=«en» dir=«ltr» xml:lang=«en»>If you thought that was bad. Get ready to #Illinoize your blockchain! Yes, #Illinois is going to force you to re-write your blockchain- specifically by including smart contract code capable of responding to court orders. And if you don’t, you can be sued /10— Drew Hinkes (@propelforward) February 19, 2023
On February 9, the Illinois Senate introduced the bill aimed at protecting digital property and blockchain transaction rights.
But Hinkes maintained the bill did not consider the protection of validators, miners, and node operators. Referring to some section of the bill which imposes fines on the parties above, Hinkes noted,
“The manner in which it seeks to protect consumers is to require node operators miners & validators to do impossible things, or things that create for themselves new criminal & civil liability at pain of fines.”
However, XRP’s on-chain condition over the last one month has not been the best. Despite notable hikes in active addresses in January, it had failed to replicate the performance.
At press time, the 30-day
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