Here are the top three news stories over the past day presented to you by U.Today.
XRP named as unregistered security in new lawsuit
Justin Slaughter, the VP of regulatory affairs at Paradigm, has taken to X platform to share that XRP, the Ripple-affiliated token, was named as an unregistered security in a recent lawsuit against Coinbase by Oregon Attorney General Dan Rayfield. Apart from XRP, the list of other tokens that were labeled unregistered securities includes such popular assets as ADA, AVAX, AAVE, UNI, FLOW, LINK and MKR. In its statement, Coinbase criticized the lawsuit as “meritless” and accused Rayfield of trying to impose regulation by enforcement. Such classification of XRP is surprising considering that the token’s regulatory status has already been clarified. Notably, a federal judge ruled that XRP was not a security when sold to retail investors on public exchanges back in 2023. Additionally, the SEC dropped its appeal on this matter earlier this year following the departure of former Chair Gary Gensler.
Solana and XRP leading in ETF filings
According to a recent X post by Bloomberg analyst Eric Balchunas, there are currently 72 crypto-related ETF filings. Among these, XRP stands out as a top candidate for a spot-based ETF in the U.S., with companies like Grayscale, Bitwise and Wisdomtree competing to launch XRP-related products. Solana is catching up with XRP, with a total of 11 filings, including one from mutual fund giant Fidelity. Two other likely candidates for getting their ETFs approved are Litecoin (LTC) and Cardano (ADA). These numerous filings will have to be reviewed by the incoming SEC chair, Paul Atkins; as a reminder, his nomination was confirmed by the U.S. Senate earlier this month. Concluding his post, Balchunas predicted that 2025 is going to be a “wild” year for cryptocurrency ETF offerings.
Shiba Inu eyes key resistance breakout
Over the last seven days, Shiba Inu has registered a 12.37% increase, keeping its upward momentum after surpassing the $0.000012 level. At press time, SHIB is changing hands at $0.00001333, up 1.55% over the past 24 hours, as data by CoinMarketCap shows, successfully breaking through the $0.000013 resistance. To stay above this level, the meme token needs to gain more momentum, supported by increased token burns and trading volume. The latter metric has recently grown by 72.19% to $316.35 million, showing renewed interest from SHIB holders. Meanwhile, the SHIB community ramped up its deflationary efforts; as reported by U.Today last weekend, SHIB enthusiasts managed to increase the burn rate by 3,227% as a result of sending 888.4 million SHIB tokens to dead-end wallets.