- The court ordered the SEC to submit the principal brief in the Ripple lawsuit by January 15, 2025.
- 21Shares filed for XRP ETF, while Ripple executives hired new attorneys for the case.
- Shiba Inu experienced a 253,000% surge in burn rate, indicating a potential price surge.
The crypto market saw big changes at the start of November 2024. With the U.S, elections coming up, the global crypto market grew to $2.29 trillion, a small but substantial rise of 0.24%. The Securities and Exchange Commission’s (SEC) upcoming opening brief deadline, Ripple executives’ attorney, increasing XRP ETF demand, and Shiba Inu’s big jump in burn rate also made headlines over the week.
Updates on the Ripple Lawsuit
The US Court of Appeals for the Second Circuit gave the SEC more time to submit its main brief. In a court order issued October 31, the judge ordered the SEC to file the brief by January 15, 2025.
In another development, Ripple CEO Brad Garlinghouse and co-founder Chris Larsen made a new move to defend themselves against the SEC. At the end of October, they hired new attorneys to fight the SEC’s charges. Larsen replaced his law firms with the same team that represents the CEO, including lawyers Nowell Bamberger, Rahul Mukhi, and Samuel Levander from Cleary Gottlieb.
Read also: Bitwise Files for Ripple XRP ETF Ahead of US Election
Meanwhile, Garlinghouse talked about the increasing demand for XRP exchange-traded funds (XRP). With asset manager 21Shares joining the list of firms that applied for XRP ETFs, the community is waiting for the regulator to approve them. So far, asset managers, including Bitwise, Canary Capital, and 21Shares, have filed with the SEC for the XRP launch. Also, investment firm Grayscale launched an XRP Trust and filed to convert its XRP fund into an ETF.
Shiba Inu’s Burn Rate Surges
Shiba Inu’s (SHIB) burn rate jumped significantly this week – about 253,000%. More than 5.5 billion SHIB tokens went to dead wallets, which the community sees as a positive sign. Analysts think the token price could jump 90% because of the burn rate increase. However, SHIB is currently trading down at a price of $0.00001683. Despite the dip, experts think the crypto market could go up, especially with the election coming soon.
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