Legal Champion for XRP Claims: 20% of US Senate Endorses Elizabeth Warren’s Cryptocurrency Regulation Proposal

After unveiling a bill aimed at tightening regulations in the cryptocurrency sector, United States Senator Elizabeth Warren stirred controversy, prompting revelations from a legal expert involved in the industry.

Legal Champion for XRP Claims: 20% of US Senate Endorses Elizabeth Warren’s Cryptocurrency Regulation Proposal

John E. Deaton, a notable figure in the courtroom clash between blockchain company Ripple and the US Securities and Exchange Commission (SEC), disclosed that 20% of the US Senate has already expressed support for Warren’s regulatory initiatives. Speaking on December 17, Deaton responded to Ryan Selkis, founder and CEO of the crypto market intelligence platform Messari, who emphasized not underestimating Senator Warren’s potential impact on the US crypto landscape.

Selkis stressed the critical nature of the ongoing battle for the crypto industry’s future, irrespective of whether Warren’s name is directly associated with the final bill likely to pass. In response to Messari’s former senior analyst Tom Dunleavy, who highlighted Warren’s history of unsuccessful bills since 2015, Deaton identified some politicians backing her recent crypto crackdown bill, including Lindsay Graham, Angus King, and Joe Manchin. Addressing concerns raised by XRP_LOON about Ted Cruz and Cynthia Lummis preventing the bill’s survival, Deaton clarified that the real danger lies in the national narrative shaping and controlling the discourse around crypto.

He emphasized that while this particular bill might not pass, the focus should be on whether its aspects or language end up influencing other legislation, shaping the broader regulatory landscape for cryptocurrencies.