XRP Ripple news today 🚨 Pro-Crypto Congresspeople, SEC Peirce on Crypto Crash, Hoskinson on XRP Suit
So weve got ron hammond with the update on congress and crypto for the week cardano founder charles hoskinson, commenting on the xrp lawsuit cloud flare with its outage, affecting multiple exchanges and hester purse talking about bailouts for crypto. But if we havent met before my name is frank, cho im here to help you live a richer life on this channel, we talked about cryptocurrency, personal finance and investing if you havent hit that subscribe button. Do it now that way, i can keep you informed of all the latest news and updates lets. Take a quick look at the market before we dive in were recovering up about five percent on the day back to about 930 billion for the total crypto market cap. Bitcoin, just over 21 000 ethereum, a hair over 1100 xrp, still in the 8 spot at about 33 cents, cardano about 49 cents still have just about 700 million in total market cap between those two that are separating them. So obviously i tested positive for covert this morning, so not fun but not having to take any heavy medication. So thats great, my wife has as well shes rn and so uh brought it home because of a patient that came into their office. That was positive. Most of her office is out this week because of it so do still be cautious, especially if you are a carrier now weve got a quick announcement just for the channel today, only 22 off in the merch store ill link it down in the video description, the Xrp army shirts are still available there, as well as the crypto market cap, so check it out.
If youre interested ron hammond provides a weekly update on congress and crypto this week, he decided to do something a little bit different here that we are now todays. The solstice were about halfway through the year and he thought it would be good to highlight a few people who are uh kind of paving the way for crypto and policy issues in dc. So hes gon na call these people out by name and say what theyve done, and this is good just for us to consider so again, apologies for the voice today, i know its its not my normal voice and certainly not the same uh cheerful tenor that you Might be previously accustomed to so uh senator tuberville tommy tuberville whos been increasingly engaged on 401k plans. Investing in crypto on may 5th. He led a letter to the department of labor highlighting his concern over their proposed ban of 401k plans. Investing in crypto, then youve got tim ryan, whos, actually a democrat, but who has partnered with patrick mchenry to fix the infamous infrastructure bill, crypto tax broker issue. The bill was also included in the lummis gillibrand legislation and rep ryan is also running for the senate. Youve got uh donalds press, he at rep donalds press here whos, a republican from florida whos been leading the 401k charge as well. He was one of the original signers of tom emmers blockchain 8 oversight letter to the sec cory. Booker has been a welcomed addition for crypto in the senate.
It was teased in politico that hes working on a bill regarding a cftc regulatory framework for digital assets, hes also passionate about how crypto can help financially underserved communities. Youve got repub uh representative young kim whos uh been interested in krypton web 3 for a while and has been engaged on stem issues and workforce development in tech, and she also has a bipartisan track record in congress. Youve got richie torres whos a democrat but has made headlines when he published his liberal case for kryptos op ed back in march, hes been increasingly engaged in stable coin regulation and was also one of the co signers of the blockchain 8 letter. Youve got senator hagerty, who we actually mentioned on the channel yesterday he led that letter to gary gensler hes been engaged in crypto issues for a while, but more recently his focus has been on stable coins and custody of digital assets and, like we looked at yesterday, That letter to the sec regarding the staff accounting bulletin 121. youve got rep audrey kloss, who was another co signer of the blockchain eight letter and a leading advocate for d5. More recently, additionally, hes also been a leading voice, unstable corn regulation and one of the most knowledgeable members on crypto, generally nancy mace, another addition to the crypto space during the infrastructure debacle. She was one of the first offices engaged on the issue and worked with representatives bud and mchenry and others in the house to address the issue via legislation.
Remember, ted budd is going to be participating in that twitter spaces event at uh, 4. 30 p.m. Uh later this afternoon, here my time and then finally, youve got here. Pete sessions from texas whos been involved in crypto mining issues. Crypto mining has been a major economic driver in texas and in his district in particular, which is a large reason behind his engagement. Theres. More who are engaged – and he lists off more of them here – youve got toomey and lumus and gillibrand warren davidson, soto and emmer in the house. Those are the ones that you hear from or hear about most often so support is definitely growing in congress and thats. Certainly evidence there now, if you missed this cardano founder charles hoskinson, commented on the xrp lawsuit in his recent interview with bitboy crypto. They had a great session and its linked in here. If you want to see that interview its in a couple parts, but it was good hearing the back and forth between the two of them, he says that the sec is certainly doing regulation through enforcement instead of legislation. You should have clear, understandable standards. He says, and there should be a clear process for people to adhere and comply with those standards, for example with the ethereum crowd cell in switzerland, we just asked the swiss government and after a few weeks of haggling, they told us what to do and we had A thing – and it was over, the sec tends not to issue no action letters in a meaningful way for the industry, so theres, no real good means of interfacing and integrating, and in the absence of that people have different opinions.
There are winners and losers, and sometimes people get away with crazy stuff. Well, that is certainly the case ill link this down below. If you want to read more on his comments or check out that video interview, it was a good one. The cloudflare outage, youve, probably heard of by this point in the day affected numerous crypto exchanges, users attempting to visit certain sites were met with the 500 internal service error notice. Due to the cloud flare outage, theyre a significant infrastructure provider for the internet and recently experienced widespread problems, leaving many exchanges down the content. Delivery network, confirmed via an update posted earlier today that its experiencing issues with its services and network and a fix is being implemented. However, the firm has yet to provide information regarding what went wrong, causing services across the world to halt crypto exchange, ftx tweeted its platform and other sites will be difficult to access for many people, claiming that the exchange is now in post, only mode, crypto, exchanges, bitfinex And ok x also tweeted about the issue with the latter asking if there was a web 3 alternative for the future. Cloudflare became public about three years ago offers its web network infrastructure to businesses allowing them to publish online. The infrastructure also provides security services, including distributed denial of service protection. Cz of my nance fame said that this uh didnt impact binance, but corn market cap was affected. So, as you can see, uh there were wide ranging effects throughout the crypto space more to come.
As we find out over the course of the week what those uh causes were and what can be done in the future to mitigate that now in forbes and ill link this down below its a little bit longer, this is hester purse saying that she does not Support crypto bailouts and says the market crash reveals who the true innovators are so count her among those believing the recent crash could give the industry a more sustainable foundation for the future. When things are a bit harder in the market, you discover whos, actually building something that might last for the longer term and whats going to pass away. She said in a forbes interview, but thats not the only benefit she believes could come of this downturn. It can also be a valuable learning opportunity for market participants and the regulator to see how the crypto market functions during times of stress its helpful for us to see the points of connection she said its a moment not only for market participants to learn, but its Also for regulators to learn so that we can have a better sense of how the market operates, although painful she made it clear, she does not make light of anyone suffering through the drawdown. She is correct, though, in her assessment, its been four years since, since the industry has seen such a collapse long before many key officials across the government came into their positions. For her part, mr purse was confirmed as a commissioner back in january of 2018 right as the ico market was about to collapse.
However, institutional money had not yet come to the space derivatives markets were at their infancy, defy had not yet become prominent and virtually nobody had heard of an nft. Does this mean the regulator is going to sit idly by and watch from afar, while certainly not? She noted the sec could get more tips to act upon during bearish times than bull runs scammers and fraudsters will figure out ways to take advantage of any set of market conditions to try to take advantage of other people. So im sure their tactics are changing and they sometimes prey on people at their lowest points where it may be more likely to get tips from times like this. She had some other great comments, but because its really hard to speak right now and im feeling my voice go out even further ill refer you to the article and link it down below. She talks more about her safe harbor proposal, as well as some of her thoughts on what a bailout would not look like, because she does not support that and crypto doesnt have a bailout mechanism, thats, probably a great strength in the crypto market, space or marketplace. Unlike what weve seen in traditional finance, where bailouts come to help those existing players maintain their position so well see how things shake out a lot more to come over this coming week. Weve got those decisions in the sec versus ripple case that were still waiting on from judge netburn, and hopefully we start to see some answers trickle through.
I, of course, will keep you updated, but i ask you to bear with me and have a little patience, as i know its not as easy to hear my voice right now and it certainly isnt as easy for me to talk. But i do appreciate your support. If you found any value here, hit a like, it helps channel all time and make sure to get the information to you. Thats most important check out the sale today, if youre interested in any of the merch at 22 off and as always hit that subscribe button. If you havent already, thank you so much for spending some time here with me. I do truly appreciate it.