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Ripple Will Lose Against SEC, 760 Billion SHIB on Move: Crypto News Digest by U.Today

Thu, 12/08/2022 - 14:21
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Valeria Blokhina
Take a closer look at what’s happening in the world of crypto with U.Today’s news digest
Ripple Will Lose Against SEC, 760 Billion SHIB on Move: Crypto News Digest by U.Today
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U.Today has prepared a summary of the top three stories over the past day.

Ripple will lose against SEC, crypto executive claims

According to a recent tweet by Gene Hoffman, chief operating officer at blockchain company Chia Network, the SEC will defeat Ripple fintech giant in the long-running lawsuit. Hoffman believes that the only outcome all XRP supporters can expect is that a federal judge will rule that Ripple's sales of XRP made XRP a security. Federal judges, says Hoffman, realize that most people purchased XRP in the hope that "the number would go up." Therefore, it is unlikely that Ripple and its supporters' arguments about the alleged utility of the cryptocurrency would succeed.

760 billion SHIB on move as SHIB returns to whales' top 10 holdings

Per data provided by Etherscan, yesterday, two large transactions carrying 760 billion SHIB were made, along with a couple of much smaller transactions, carrying 50 billion meme coins each. The biggest one, carrying 419,497,861,322 SHIB, was shifted by the Binance exchange between its own wallets. The second transaction, 339,397,509,444 SHIB, was moved from one anonymous wallet to another. Meanwhile, Shiba Inu has returned to the list of top cryptocurrencies held by the largest 100 wallets on Ethereum. At the moment, it is in fifth place after Ethereum, USDT, USDC and stETH.

SHIB Metaverse Makes Announcement That Thrills Shiba Inu Community

XRP community reacts to Michael Saylor's comments on Ripple lawsuit

During his recent appearance on the Patrick Bet David (PBD) podcast, MicroStrategy chairman Michael Saylor stated that the SEC should shut down Ripple, claiming that XRP and, likewise, ETH are unregistered securities. CryptoLaw founder John Deaton has reacted to Saylor's comments, saying that calling an asset an investment contract or security requires specific factual and legal analysis. He added that the MicroStrategy CEO did a great job oversimplifying the Howey test on the show, but he was wrong. The reaction of the XRP community was not long in coming, with many people agreeing with the CryptoLaw founder’s statements.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.