US regulators are preparing to re-enforce the ‘Anti-Money Laundering Act’. Despite regulatory hurdles, altcoin bulls manage to keep weekly earnings in double digits.
Altcoin bulls grapple with US regulatory measures and anti-crypto campaigns
Senator Elizabeth Warren, known for her anti-crypto stance, plans to implement a bill to launder cryptocurrencies. Warren, who coordinates cryptocurrency regulations in the US, has placed strict hurdles on Facebook’s cryptocurrency Diem (formerly Libra).
Warren has launched an “anti-crypto” campaign highlighting the issues surrounding cryptocurrencies the market is facing. Recently, it has been making headlines with the re-enactment of the Cryptocurrency Anti-Money Laundering Act. The legislation aims to detect loopholes and close them to prevent money laundering in crypto transactions.
New regulations focus on cryptocurrency exchanges
Re-enactment of the law will mean that exchanges and digital asset service providers must comply with AML laws. While most crypto exchanges such as Coinbase and Binance have adopted the legislation in the past, it is worrying for US crypto users that transactions of $10,000 or more require the US Treasury to conduct an AML compliance review on them.
While Sen.Warren’s campaign and news of the incident made headlines, sentiment among altcoin bulls has yet to subside…
5 altcoins with double-digit earnings
XRP, XLM, FLM, HBAR, and KAS were the five cryptocurrencies that posted nearly double-digit gains in the past week. The bulls have consistently pushed up the prices of these projects despite the change in the macro landscape and the warming of the Tier 2 token narrative.
Factors such as developmental updates, project announcements, and anticipation surrounding a positive outcome in the SEC-Ripple case have affected sentiment among token holders. cryptocoin.com As we reported, XRP at one point broke records in transaction volume on South Korea’s largest exchanges UpBit, Bithumb and Korbit.
In addition to the above factors, altcoin bull expectation, which gained importance last week, was one of the main drivers of altcoin price increases. On the other hand, the anti-crypto stance of regulators or regulatory agencies is one of many factors affecting sentiment among investors. We’ll see if altcoin bulls hold onto key support levels and gains from last week amid increasing regulatory pressure.
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