The past few days have witnessed multiple news surrounding the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) and some essential developments focused on the popular memecoin Shiba Inu.
XRP – the native token of Ripple – has also been in the spotlight, registering a significant spike at the end of last week. In the following lines, we will break those topics into details.
The prolonged dispute between the two organizations, which dates back to the end of 2020 when the SEC sued Ripple for allegedly breaching securities laws when selling XRP to retail investors, keeps splashing the waters of the crypto space.
It is safe to note that the most important moment in the case (as of the moment) occurred in mid-July when the blockchain enterprise secured a partial court victory. Back then, a US Judge ruled that the sale of XRP did not constitute an offer of investment contracts, giving Ripple the upper hand and causing a serious boost for the token.
America’s securities regulator was reluctant to wave the white flag and formally appealed the decision at the beginning of last month. Chairman Gary Gensler recently took part in a congressional testimony where he was expected to give his two cents on the lawsuit.
Unsurprisingly (since this has happened before), he remained silent rather than providing specific details. All he said was reminding the ongoing status of the dispute.
For its part, Ripple had invested substantial funds to persist in the fight and hired renowned professionals to represent the organization and its CEO – Brad Garlinghouse. Some examples are Former Assistant United States Attorney – Rahul Mukhi – and Lauren Belive. The latter, who has worked at the White House under President Barack Obama, was appointed the Head of US Public Policy and Government at Ripple.
The native coin of Ripple has recorded significant gains in the past few days. Its price reached the $0.50 milestone on September 29, exploding by nearly 9% in a matter of an hour.
Some reasons behind the surge include the overall revival of the cryptocurrency market and some speculations regarding what would have happened at the party Ripple threw in New York City last week.
Several X users suggested filing for an IPO or announcing a settlement with the US SEC was in the cards. However, the company did not disclose such news, whereas XRP plunged to approximately $0.52 (per CoinGecko’s data).
The self-proclaimed Dogecoin killer has also made the headlines lately. For one, Chariot Energy (an energy company based in Houston, Texas) allowed clients to pay their solar panel bills in various digital assets, including SHIB.
In addition, the British banking giant HSBC enabled customers to settle mortgage bills and loans in the memecoin, while the Japanese automobile manufacturer Honda also added it as a payment option.
Shiba Inu also saw a massive number of tokens removed from its circulating supply. On September 28, the burning rate skyrocketed by almost 1,000%. The program aims to reduce the asset’s overall supply, thus making it more scarce and valuable in time.