The legal case between Ripple and the SEC has been ongoing for two years, but Cardano founder Charles Hoskinson says the case could be settled soon.
Ripple has been fighting a legal battle with the Securities and Exchange Commission (SEC) since 2020 to prove that XRP should not be classified as a security. But in an Ask me Anything (AMA) session, Cardano’s Charles Hoskinson said that the Ripple case would be settled by Dec. 15. XRP is trading at around $0.377 as of writing.
Ripple Settlement: Industry Implications
After making a bold statement about the possibility of settlement on Dec. 15, Charles Hoskinson warned that it could have catastrophic implications for the industry.
“I’ve heard rumors that the Ripple case will be settled December 15th, and that could have catastrophic implications for the industry one way or the other. But you just keep moving forward, regardless of what happens it’s a decentralized ecosystem that you guys control,” Hoskinson said.
However, Hoskinson has clarified on Twitter that this is not something he believes. “I said I heard rumors,” slams the Cardano founder.
What Do Industry Leaders Believe About the Case?
Before Charles Hoskinson’s comments about the catastrophic implications, Gene Hoffman, the COO of Chia network, anticipated that a federal judge would rule XRP tokens as securities.
He supports his argument by claiming there is no difference between XRP and LBRY. SEC won the case against LBRY earlier, and the LBC tokens are now considered securities.
Bitcoin maximalist Michael Saylor claims that “Ripple is an unregistered security.” He believes it is unethical and SEC should shut it all down. The curtains could soon fall for the long going case, as Ripple made its final submission of its defense to the court on Dec. 2.
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