Robinhood Receives Wells Notice From SEC Staff, Shiba Inu Burn Rate Surges 4,085%, Cardano Hits 90 Million Transactions in Major Milestone: Crypto News Digest by U.Today

Here are the top three news stories over the past day presented to you by U.Today.

SEC staff send Wells Notice to Robinhood

According to a recent post by Walter Bloomberg X user, Robinhood received a Wells Notice from the SEC. The notice was issued on May 4, Street Insider reports. The staff of the regulating agency has reached a “preliminary determination” recommending that the SEC pursue an enforcement action against Robinhood. Per the staff, Robinhood has allegedly violated Sections 15(a) and 17A of the Securities Exchange Act of 1934, which implies that Robinhood offers its customers crypto assets, which the SEC classifies as unregistered securities. This is not the first time Robinhood has fallen under the SEC's scrutiny; back in December 2022, the crypto trading platform received an investigative subpoena from the SEC concerning Robinhood's cryptocurrency listings, crypto custody and overall platform operations.

Shiba Inu sets 81 million SHIB ablaze as burn rate soars 4,085%

Data provided by the Shibburn tracker demonstrates that yesterday, the Shiba Inu community managed to incinerate more than 81 million SHIB tokens. This action by SHIB enthusiasts pushed the burn rate up by 4,085.94% over 24 hours, reducing the amount of SHIB tokens in circulation to 589,273,767,344,481 SHIB. However, the seemingly large sum of burned meme coins, 81,649,878 SHIB, is worth only $2,039, which is not enough to make the price of the underlying token rise significantly. Still, the surge in Shiba Inu's burn rate contributes to community members' increased optimism. It also underscores the community's confidence that when the SHIB burn portal is launched, it will yield the expected results. At the moment of writing, SHIB is trading at $0.00002383, down by 1.76% over the past 24 hours, per CoinMarketCap.

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Cardano hits 90 million transactions in major milestone as network upgrades loom

In a recent turn of events, Cardano has recorded an astounding 90 million transactions on its network, reaching a remarkable milestone. The achievement underscores Cardano's growing adoption and utility, as well as its ability to support a diverse range of use cases and transaction types. The timing of this milestone coincides with the impending rollout of network upgrades, one of which is Ouroboros Genesis; it will be deployed as part of the Chang upgrade that is expected to take place this summer. This enables nodes to self-bootstrap from the Cardano network. Per Input Output Global (IOG), with the release of Ouroboros Genesis, the next and last roadblock to complete P2P node operations should appear. Additional updates may be on the way as well, including one to Plutus, the smart contract platform of the Cardano blockchain.