Shiba Inu: Shibarium L2 Public Beta to Launch This Week – BSC NEWS

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Shiba Inu is set to launch the public beta testnet of its Ethereum Layer-2 network Shibarium.
The wait is almost over: Shiba Inu developers announced that the Shibarium public beta testnet will launch this week, giving the world the chance to see the Ethereum Layer-2 network that the ambitious MemeFi project has long been building.
Attention #SHIBARMY 🚨

We're thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK! 🎉

Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib! #ShibariumBeta 🦴 pic.twitter.com/0fG3u3mY4S
The lead-up to and launch of Shiba’s L2 is expected to be a major catalyst for the network’s tokens as well as speculation on a host of independent “unofficial” projects that have sprung up, hoping to tie into the Shibarium ecosystem.
In mid-January, Shiba developers published a guide to how the L2 will work, including information on gas, and the selection and reward of validators.
You can also check out BSC News’ breakdown of the Shibarium tokens $SHIB, $BONE, $LEASH and $TREAT (unreleased).
Basically: 
With the big reveal of Shibarium upcoming, the next few days are shaping up to be a pivotal time for Shiba, as the project is participating in the massive SXSW Festival in Austin, Texas, where it plans to debut “Shib the Metaverse” to a crowd consisting mainly of the Web2 and mainstream tech community.

Shiba Token (SHIB) is home to the Shiba Inu Ecosystem, an interconnected family of digital assets and solutions built on the Ethereum blockchain. Its tokens include $SHIB, $LEASH, and $BONE, plus native SHIBOSHIs NFTs. SHIB solutions include SHIB: The Metaverse and the ShibaSwap DEX. SHIB, a world-leading decentralized finance (DeFi) cryptocurrency, has gained popularity among millions of investors worldwide. It has 3.6 million Twitter followers and is frequently ranked as the third most searched project by Google. The Shibarium Layer 2 blockchain enables SHIB to provide increased scalability, security and innovation.
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The SEC contends that Kraken unlawfully facilitated the trading of crypto asset securities, leading to nine-figure profits.
The U.S. Securities and Exchange Commission (SEC) has thrust cryptocurrency exchange Kraken into the legal spotlight, filing a substantial 90-page lawsuit on Monday. This legal maneuver places Kraken among a select group of crypto heavyweights facing increased scrutiny from regulatory authorities.

The SEC's lawsuit alleges Kraken of multiple securities law violations and accuses the exchange of intertwining customer funds with corporate assets in ways that pose significant risks. Specifically, Kraken is accused of operating as an unregistered securities exchange, broker, dealer, and clearing agency since 2018. 
The SEC claims that Kraken made substantial profits by unlawfully facilitating the buying and selling crypto asset securities. The complaint contends that Kraken's business practices involved commingling customer assets with its own, reaching a staggering amount of up to $33 billion. This commingling, according to the SEC, exposed customers to a "significant risk of loss." 
The SEC further claims Kraken paid operational expenses directly from accounts containing customer assets, highlighting the exchange's alleged deficient internal controls.

Kraken is reportedly set to mount a robust defense against the SEC's claims. The exchange asserts that Congress should be the entity determining how to regulate cryptocurrency exchanges. It categorically rejects the SEC's view of digital assets as legally incorrect, factually false, and disastrous as a matter of policy. 
Today, the SEC filed a complaint alleging that Kraken operates as an unregistered national securities exchange, broker, and clearing house. We disagree with their claims and plan to vigorously defend our position. https://t.co/a0C4wzBo3f
Kraken founder Jesse Powell characterizes the SEC's actions as an "assault on America" and warns of the potential exodus of companies from the country.
Further, Kraken's current CEO, Dave Ripley, voices strong disagreement with the SEC's allegations, stating the company's commitment to vigorously defending its position. Ripley emphasizes the need for regulatory clarity in the U.S., suggesting that congressional action is essential to address the existing ambiguity.
We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.

As we have seen before, the SEC argues that @krakenfx should “come in and register” with the agency, when there is no clear path to…
The SEC's aggressive stance in the crypto space has triggered a substantial backlash. Critics argue that the industry operates within a legal system lacking clear legislation for cryptocurrencies and digital asset exchanges. 
Sen. Cynthia Lummis responded to the lawsuit, saying the SEC cannot continue to rule by enforcement.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.

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About the author

Anand Narayanaswamy

Anand Narayanaswamy

Anand is a seasoned journalist with over 15 years of experience in technology reporting. He holds a Master's degree in Computer Science and has worked with several leading tech publications. Anand oversees the editorial direction of The Hoops News, ensuring that the content meets the highest standards of journalism. In his free time, he enjoys reading about quantum computing and playing chess.