Crypto News Digest by U.Today

U.Today has prepared summaries of the top three news stories over the past day. Stay tuned for current crypto industry events!

SEC alleges Cardano (ADA), Solana (SOL) and Polygon (MATIC) are securities

In its lawsuit against the world’s largest crypto exchange Binance, the SEC stated that a slew of popular cryptocurrencies, including Cardano (ADA), Solana (SOL) and Polygon (MATIC), are unregistered securities. The list of crypto asset securities mentioned in the lawsuit also includes such currencies as FIL, ATOM, SAND, MANA, ALGO, AXS and COTI. Apart from that, the lawsuit identifies Binance’s BNB and the BUSD stablecoin as securities, highlighting the seriousness of the matter. Additionally, the lawsuit notes that Binance has listed for trade crypto assets that were previously the subject of SEC enforcement actions, including AMP, REP, UST and TRX tokens, thus indicating a pattern of potentially reckless disregard for securities regulations.

Shiba Inu (SHIB) “calm before storm” updates revealed by Shiba ecosystem official

LucieSHIB, a well-known SHIB enthusiast and Shiba ecosystem official, has provided “calm before [the] storm” updates on Shiba Inu’s most promising projects, Shib The Metaverse and Shibarium beta “Puppynet,” in a recent tweet. As stated by LucieSHIB, the reveal of the Metaverse hub called Rocket Pond is expected any day now. She then wrote that Puppyscan, the blockchain explorer for Shibarium beta Puppynet, is experiencing downtime, adding “heavy work on it being done.” At the time of writing, Puppyscan still remains down, displaying a 504 error. LucieSHIB also touched upon the dog-themed asset’s price, saying that it is expected to “boom.” SHIB is currently trading at $0.000008077, per CoinMarketCap.

Ripple exec provides jaw-dropping insight into XRP creation

Ripple CTO David Schwartz has taken to Twitter to dismiss speculation regarding the creation of XRP. It all started when member of the crypto community @ScamDetective5 challenged the notion that XRP was created by Ripple. To prove his theory, the user presented a thread with the facts from Ripple’s history, including the creation of Ripple Credits, XRPL’s reset by Jed McCaleb, and the disappearance of initial blocks. Schwartz called the logic behind the thread “nonsensical” and used Bitcoin Cash’s case to defend his argument. When Bitcoin Cash was created, wrote the Ripple CTO, many individuals already held the cryptocurrency, but it was not due to any direct involvement from the creators of Bitcoin Cash. Schwartz also emphasized that changes in system rules or operations do not generate new versions of existing assets.