U.Today’s daily news digest keeps you informed of the most important updates in the crypto industry
U.Today presents the top four news stories over the past day. Take a closer look at the world of crypto!
SEC v. XRP: settlement is possible, as commission may not want to risk it all, lawyer considers
In a recent tweet, Bill Morgan, renowned lawyer and crypto enthusiast, stated that there is a real possibility of a settlement agreement between Ripple and the SEC. Replying to a Twitter user asking whether the Hinman emails will be released regardless of the regulator disagreeing with it, Morgan said that keeping this data undisclosed could be a term of settlement, which allows Ripple to have an upper hand in the case thanks to its possession of the emails. Morgan also added that Ripple’s reply to the SEC’s brief on the summary judgment motion, which will be sent to the case judge on Nov. 30, could be one of the most telling documents of the trial.
SHIB burn rate spikes 1,083% amid highest daily burn in weeks
Data provided by Shibburn shows that yesterday, a total of 134,952,334 SHIB tokens were burned in 10 transactions, which made the meme coin’s burn rate surge a whopping 1,082%. At the moment of writing, the amount of destroyed tokens might have gone even higher, as Shibburn has probably received the awaited burns from Shib Burn radio ads and super-followers. The last time a daily burn reached such a high level was on Oct. 12, when 154 million SHIB were incinerated. The spike was ignited by the increase in the enthusiasm of the SHIB community following recent ecosystem developments. As reported by U.Today, SHIB lead dev Shytoshi Kusama announced that the World Economic Forum wanted to work with the SHIB project on global policy.
New York partially bans crypto mining
On Tuesday, New York Governor Kathy Hochul signed a two-year moratorium on proof-of-work cryptocurrency mining operations powered by fossil fuel. The bill was passed by the New York State Senate in early June. Hochul stated that she wants New York to remain the center of financial innovation, but there is a strong need to balance its economic development and climate goals. New York has become a hot attraction point for many crypto mining businesses thanks to its cheap hydroelectric energy sources, and miners have quickly taken advantage of it. However, they soon faced strong backlash from local environmental groups for using plenty of energy and significantly increasing greenhouse gas emissions. This is when the controversial bill came on the scene.
Elon Musk furiously shut down false rumor about Twitter and Sam Bankman-Fried
According to an article by Business Insider, Sam Bankman-Fried reportedly owns a $100 million stake in Elon Musk’s Twitter. The article states that the Tesla CEO proposed that Bankman-Fried roll over his public Twitter shares into a stake in Musk’s private company a few weeks after the centibillionaire offered to buy Twitter for $44 billion. FTX’s balance sheet shows that the company has certain illiquid assets, which, according to the article, could be Twitter shares. Soon after publication, Musk rushed to shut down the rumor, denying Bankman-Fried’s participation in the Twitter purchase and criticizing the media, while calling Business Insider “not a real publication.”