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Recent days have seen a flurry of news regarding the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC), along with significant developments concerning the well-known memecoin Shiba Inu.
XRP, the native cryptocurrency of Ripple, has also garnered attention, experiencing a notable increase at the end of last week. The following sections will delve into these topics in detail.
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Ripple v. SEC Case
The extended conflict between the two entities, which began in late 2020 when the SEC filed a lawsuit against Ripple for allegedly violating securities regulations by selling XRP to retail investors, continues to make waves in the crypto industry.
It is important to highlight that a pivotal moment in the case occurred in mid-July when the blockchain company achieved a partial court victory. At that time, a US Judge determined that the sale of XRP did not represent an offer of investment contracts, providing Ripple with a favorable position and significantly boosting the token’s value.
The US securities regulator has shown no signs of conceding and formally appealed the ruling at the start of last month. Chairman Gary Gensler recently participated in a congressional hearing where he was anticipated to comment on the lawsuit.
As expected (given past occurrences), he refrained from providing specific insights, merely reiterating the ongoing status of the case.
On its part, Ripple has invested considerable resources to continue its legal battle and has engaged prominent professionals to represent the organization and its CEO, Brad Garlinghouse. Notable hires include Former Assistant United States Attorney Rahul Mukhi and Lauren Belive, who previously worked at the White House under President Barack Obama and was appointed as the Head of US Public Policy and Government at Ripple.
XRP on a Roll
The native cryptocurrency of Ripple has experienced substantial gains in recent days. Its price reached the $0.50 mark on September 29, surging by nearly 9% within an hour.
Factors contributing to this increase include the overall recovery of the cryptocurrency market and speculation regarding potential announcements from the event Ripple hosted in New York City last week.
Several users on X suggested that filing for an IPO or announcing a settlement with the US SEC could be forthcoming. However, the company did not confirm such news, and XRP subsequently dropped to around $0.52 (according to CoinGecko’s data).
Shiba Inu’s Advancement
The self-styled Dogecoin killer has also been in the news recently. For instance, Chariot Energy, an energy firm based in Houston, Texas, has allowed customers to pay their solar panel bills using various digital currencies, including SHIB.
Additionally, the British banking giant HSBC has enabled clients to pay mortgage bills and loans with the memecoin, while the Japanese car manufacturer Honda has also included it as a payment option.
Shiba Inu has also witnessed a significant reduction in its circulating supply. On September 28, the burning rate surged by nearly 1,000%. This initiative aims to decrease the total supply of the asset, thereby enhancing its scarcity and potential value over time.
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