Crypto Updates: Bitcoin, Shibarium, and Ripple's Critique of SEC

Bitcoin's Struggle to Hit $50,000

Bitcoin enthusiasts were hopeful for a surge past $50,000 following the SEC's approval of spot Bitcoin ETFs. However, Vanguard Bank's CEO, Mortimer J. "Tim" Buckley, has been identified as a key reason behind the stagnation. The bank has decided against allowing its customers to buy cryptocurrency or related products, including Bitcoin ETFs. Buckley expressed skepticism about Bitcoin, citing a lack of intrinsic value and cash flow, leading to a significant barrier for Bitcoin's price movement.

Shibarium's Transaction Boom

Shibarium, the Shiba Inu Layer 2 solution, has experienced a dramatic 210% spike in daily transactions. This increase follows the integration of Shibarium by Gate.io, a major cryptocurrency exchange. The platform now allows users to withdraw BONE tokens directly to the Shibarium network. This development marks a significant milestone for Shibarium, highlighting its first major integration with a centralized exchange.

Ripple's Criticism of the SEC

Ripple CEO Brad Garlinghouse has openly criticized SEC Chairman Gary Gensler, labeling him a "political liability." Garlinghouse expressed frustration over Gensler's management of the crypto sector, particularly the delays in approving Bitcoin ETFs and the numerous lawsuits against crypto firms. He questioned Gensler's alignment with public and economic interests, suggesting a lack of strategic foresight. Garlinghouse highlighted the SEC's repeated legal losses, indicating a flawed approach in their anti-crypto stance.

These developments underscore the dynamic and often contentious nature of the cryptocurrency industry, with major players and regulatory bodies at the forefront of ongoing debates and strategic shifts.