Top Three Crypto News Stories of the Day
XRP Case: SEC Refutes Ripple’s Objection
The SEC has responded to Ripple’s objection to provide audited financial statements and contracts related to XRP sales. The regulatory agency refutes Ripple’s argument that the SEC’s motion is “untimely,” asserting that seeking remedies-related discovery is not time-barred and is the standard course of action for securities law violations. The regulator also stressed the importance of post-complaint facts in determining remedies, refuting Ripple’s claim that such information does not affect the court’s decisions. The SEC concluded that the discovery requests are both procedurally proper and highly relevant, stating that Ripple’s procedural objections lack validity.
Shibarium Introduces New Burning Mechanism
Lucie, a prominent team member, announced that Shibarium is entering a new era with a transformative new mechanism for SHIB burning. The mechanism will transfer tokens to unspendable blockchain wallets, aiming to reduce the current circulating supply of Shiba Inu. The innovative burn method will be tested on the Shibarium testnet, also known as Puppynet, and will operate automatically. The SHIB team will be making several improvements to enhance efficiency and reliability before launching it on the Shibarium mainnet.
Arthur Hayes Predicts Bitcoin’s Crucial Bottom
In a recent Substack post, Arthur Hayes, BitMEX cofounder and former CEO, has shared a major Bitcoin price prediction as to when the largest crypto will test its bottom. Drawing conclusions from the world economic situation, Hayes noted how susceptible the abated inflationary pressures are to returning in no time. Based on this, he forecasted a 30% correction from the spot Bitcoin Exchange Traded Fund (ETF) high of $48,000, seeing BTC dropping to the $30,000 and $35,000 price range. The price of Bitcoin has plummeted since the SEC approved the 11 spot BTC ETFs that now trade on the market. At the time of writing, Bitcoin is changing hands at $39,795, down 0.70% over the past 24 hours, per CoinMarketCap.
