According to data from Santiment, a market intelligence platform, Monero is being discussed at an abnormally high rate following the announcement of LocalMonero’s closure. The increased attention on XMR comes as governments continue to crack down on privacy-focused assets, raising concerns about the future of financial privacy in the crypto space.
The heightened discussion surrounding Monero highlights the growing interest in and concern over the fate of privacy coins as regulatory scrutiny intensifies.
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Monero Discussions Surge as Government Crackdown Intensifies
Source: Santiment – Start using it today
LocalMonero, a peer-to-peer (P2P) trading platform for the privacy-focused cryptocurrency Monero (XMR), has announced the immediate closure of its services. The announcement comes amidst a wave of recent crypto privacy closures and arrests, highlighting the growing pressure on privacy-centric assets from governments worldwide.
Effective immediately, LocalMonero has disabled all new signups and advertisement postings for Monero trades. The platform will completely disable the trading of XMR on May 14.
Users of the platform have been advised to reclaim any funds from their wallets before November 7, when the website will be taken down. Funds not withdrawn by this date may be considered abandoned.
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Show more +SEC Targets Ripple’s Proposed Stablecoin in Court Filing
The U.S. Securities and Exchange Commission (SEC) has taken aim at Ripple’s proposed stablecoin in its latest court filing against the crypto company. In a redacted remedies reply brief filed on May 7, the SEC described the proposed stablecoin as an “unregistered crypto asset” and further evidence that Ripple will continue to engage in unregulated activities if a permanent injunction is not issued against the company.
Ripple first revealed plans to issue a stablecoin in April but has not provided additional details about the token since then. The SEC’s targeting of the proposed stablecoin in its ongoing legal battle with Ripple has contributed to the increased discussion surrounding XRP, as noted by Santiment.
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In addition to the SEC’s focus on Ripple’s proposed stablecoin, XRP price volatility has also been a major driver of discussions about the cryptocurrency. According to Santiment, the XRP Ledger is seeing a high rate of discussion due to the fluctuations in XRP’s price and the controversy surrounding Ripple’s planned stablecoin.
The increased attention on XRP and Ripple’s legal battle with the SEC highlights the ongoing regulatory challenges faced by the crypto industry and the potential impact on the development and adoption of new digital assets.
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