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Important xrp v. sec developments, shib team renounces bone contract, and more: bits recap sep 27

The ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) and the developments surrounding the popular memecoin Shiba Inu (SHIB) remain among the trendiest crypto topics.

In the following lines, we will pinpoint the newest events focused on the matter.

The Ripple v. SEC Battle

The legal fight, which dates back from December 2020, has passed through countless stages in the past few years as both entities fired shots at each other. Ripple, accused of breaching securities laws by selling XRP as unregistered security, obtained a landmark win in July when a US court ruled in its favor.

However, the battle is far from over, with the regulator officially appealing the decision. Ripple, though, seems determined to secure a decisive win at all costs. As CryptoPotato recently reported, the company’s expenses on the case have surged to a whopping $200 million.

It has also hired renowned lawyers and professionals who will represent the blockchain enterprise and its CEO, Brad Garlinghouse. Some include Former Assistant United States Attorney – Rahul Mukhi – and Lauren Belive. 

The latter, who worked at the White House under President Barack Obama, stated on LinkedIn that she is “thrilled” to have taken the new challenge as the Head of US Public Policy and Government at Ripple. 

“My role will be to lead our engagement in Washington and nationally, ensuring that we are not only part of the conversation but driving it forward with clarity and purpose,” she concluded.

What’s New With SHIB?

Shiba Inu (SHIB) has also been in the spotlight, witnessing several developments. For one, the coin was embraced as a payment method for solar panel bills in Texas, while HSBC clients can settle mortgage payments and loans with it. 

Shibarium’s Marketing Strategist – LUCIE – also unveiled vital details of an upcoming application aiming to strengthen the Shiba Inu community via sharing, connectivity, and creative efforts. The app, named Shiba Hub, will be a “gateway to something extraordinary,” they explained.

Subsequently, the community witnessed a significant price increase of BONE – the native token of the decentralized exchange ShibaSwap. The token registered a 7% jump yesterday (September 26), while its rally continued today (September 27) with an additional 6.5% (according to CoinGecko). A few hours ago, BONE soared to $0.92 – a valuation last seen at the beginning of the month.

The uptrend comes shortly after the Shiba Inu team disclosed that minting BONE is “almost completed.” It is a pivotal step in renouncing its contract, following which the unit standing behind the memecoin will relinquish control and ownership of the token.

Earlier today, the official X (Twitter) account of Shiba Inu announced that the process has been officially renounced.

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 9/27/2023

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