SEC Is 'Done,' Former Official Says; Ex-Binance CEO CZ Makes Crucial Warning as BTC Hits New ATH, Shiba Inu Burn Rate Skyrockets 1,323%: Crypto News Digest by U.Today

U.Today - U.Today has prepared a summary of the top three news stories over the weekend.

SEC is "done," former official says

In a recent post on X platform, former SEC official John Reed Stark stated that the U.S. SEC is essentially "done." He believes that in the coming years, it is unlikely that the regulator will pursue significant cases against the cryptocurrency industry. Meanwhile, Ripple's chief legal officer Stuart Alderoty has urged SEC Chair Gary Gensler and his "anti-crypto minions" to voluntarily resign, or the new chair will eventually "remove them" by using the agency’s internal mechanisms. Gensler, criticized by the cryptocurrency community, is expected to step down in early 2025, though his current term is set to end on June 5. However, Stark has noted that Gensler cannot be forcibly removed, due to the agency's independent nature and the fixed terms of its commissioners. Previously, U.Today reported that the top candidate to replace Gensler is currently Robinhood's top lawyer, Dan Gallagher.

Ex-Binance CZ issues crucial warning as Bitcoin hits new ATH

Following Bitcoin's outstanding performance with new all-time highs emerging every day, former Binance CEO Changpeng Zhao, or CZ, has taken to social media to share his take on the matter and to caution investors. As a reminder, last week, the largest crypto surged by 11%, climbing from $69,350 to approximately $77,000, and BTC has climbed to the high of $81,000, trading at $81,779, up 2.48% over the past 24 hours, per CoinMarketCap. In light of these new price milestones, CZ issued a warning to those interested in Bitcoin regarding many potential dips and highs in the future, emphasizing the importance of proper risk management. He also advised Bitcoin holders to "not put your eggs in one basket" and to "ape slowly" to mitigate the risks associated with impulsive trading. It is curious to note that when BTC surged above $77,250, CZ wrote that it is "just the beginning," foreseeing the asset jumping even higher.

Shiba Inu (SHIB) burn rate skyrockets 1,323% as price tackles key resistance

On Saturday, Nov. 9, Shiba Inu experienced a remarkable increase in its burn rate, surging by 1,323% in 24 hours. Data from Shibburn shows that approximately 34,912,694 SHIB tokens were sent to dead wallets, which reflects the community's commitment to stabilizing the coin's price and sustaining a bullish trend. This action has raised the total number of incinerated SHIB tokens to over 410 trillion, while approximately 583 trillion remain in circulation, indicating that further deflationary measures are necessary. At the time of writing, the dog-themed meme coin is changing hands at $0.00002575, down 1.31% over the past 24 hours, according to CoinMarketCap. Experts believe that if the community continues these deflationary initiatives, Shiba Inu may have the potential to continue its way up and approach its all-time high.

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