Ripple's CEO Discloses Crucial XRP Alteration, Coinbase CEO Weighs in on Pivotal Stablecoin Law, Rapidly Increasing Probability of Shiba Inu's Collapse: Daily Cryptocurrency Update by U.Today
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Here's a lowdown of the top three happenings in the crypto world, brought to you by U.TODAY.
Bye-Bye to XRP Reports? Ripple CEO Announces Key Change
In a recent post, Ripple CEO Brad Garlinghouse hinted at a change in the format of the XRP Markets Report. The reports, which were heralded for their transparency, have been a point of contention during Ripple's legal battle with the U.S. SEC. The regulator used some of Ripple's disclosures to argue that XRP lacked sufficient decentralization, effectively weaponizing their own transparency. To sidestep this, Garlinghouse plans to move away from quarterly reports, instead providing updates via social media and blogs.
Coinbase CEO Speaks Out on Stablecoin Legislation
Coinbase CEO Brian Armstrong took to social media yesterday to urge the Senate to begin discussions on the GENIUS Act, a bill that aims to create clear rules for stablecoin issuers. The bill proposes a federal licensing process, reserve requirements, and a dual regulatory structure. As per a recent U.S. Treasury Department report, the stablecoin market could potentially grow from $230 billion to an astounding $2 trillion by 2028, driven by regulatory clarity and institutional demand. However, the growth could put pressure on traditional banks, prompting lawmakers to act swiftly on stablecoin legislation before the August recess.
Shiba Inu Airing for Another Zero
Shiba Inu enthusiasts are buzzing as the meme coin looks poised to shed yet another zero from its price. While Shiba Inu managed to achieve this milestone in the past, it couldn't maintain it. Despite this, recent trends and historical data suggest a possibility for further growth. At the time of writing, SHIB is trading at $0.00001275, up 1.55% over the past 24 hours according to CoinMarketCap. The coin has also seen a 3.8% increase over the past month. Additionally, May is traditionally a favorable month for Shiba Inu, with average increases of 61% over the past four years.
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Insight:
The recent change in Ripple’s XRP Markets Report format is a strategic move, as Garlinghouse claims that the transparency provided by previous reports was used against Ripple in its legal battle with the SEC. Ripple hopes that moving away from quarterly reports will enable them to respond more quickly to market and regulatory developments, while still maintaining their commitment to transparency.[1][2][5]
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[1] Coindesk (2022). Brad Garlinghouse: Ripple will release information on XRP holdings in a new format. [online] Available at: https://www.coindesk.com/business/2022/05/04/ripple-will-release-information-on-xrp-holdings-in-a-new-format/
[2] Cointelegraph (2022). Ripple will no longer publish XRP Markets Report, says CEO. [online] Available at: https://cointelegraph.com/news/ripple-will-no-longer-publish-xrp-markets-report-says-ceo
[3] CoinJournal (2020). Two years into the SEC's fight with blockchain firms: a prima facie examination. [online] Available at: https://coinjournal.net/news/two-years-into-the-sec-s-fight-with-blockchain-firms-a-prima-facie-examination/
[4] Coindesk (2020). SEC calls Ripple's XRP a security, puts fin tech firm on investigative heels. [online] Available at: https://www.coindesk.com/sect-calls-ripples-xrp-a-security-puts-fin-tech-firm-on-investigative-heels
[5] Cointelegraph (2019). Ripple's Q2 earnings show accumulation of XRP in government accounts. [online] Available at: https://cointelegraph.com/news/ripples-q2-earnings-show-accumulation-of-xrp-in-government-accounts
- With the shift in Ripple's XRP Markets Report format, the company aims to avoid using its own transparency against it, as seen during the ongoing legal battle with the U.S. SEC.
- Coinbase CEO Brian Armstrong has advocated for discussions on the GENIUS Act, a bill that would establish clear rules for stablecoin issuers, in response to the potential growth of the stablecoin market to $2 trillion by 2028.
- The meme coin, Shiba Inu, is exhibiting signs of shedding another zero from its price, according to recent trends and historical data, despite failing to maintain past milestones.
- AsShiba Inu enthusiasts anticipate another potential spike in May, a month traditionally favorable for the coin, the crypto news space remains abuzz with decentralized finance, business, and Coinbase legislative updates.
