- Two years after the SEC filed a lawsuit against Ripple for raising funds through an offering of unregistered digital asset securities, Cardano founder Charles Hoskinson believes that the case could reach a final decision in the coming days. resolution.
- According to Hoskinson, the lawsuit could have a final on December 15.
The digital asset market has had ups and downs this year, with more drops due to the crypto winter and at the end of this year, and due to the bankruptcy of the Terra project and the firm FTX.
However, it also has longer-lasting events that affect the sector, such as the legal battle between the American technology company that develops the curling payment protocol and the exchange network, Ripple LabsInc., and the United States Securities and Exchange Commission (SEC).
Will Ripple settle with the SEC this week?
It should be said that the case between these two institutions has had a long life span of two years since in December 2020 the SEC filed a demand against Ripple under the argument of having “collection over $1.3 billion via ongoing unregistered digital asset securities offering”.
After all this time, the founder of the platform that executes smart contracts and issues its own digital currency, Cardano, and co-founder of Ethereum, charles hoskinsonconsiders that the case could reach a resolution in the next few days.
As pointed out by Hoskinsonapparently the well-known lawsuit is very close to ending, as soon as December 15. If so, this has raised some questions within the sector, such as what are the consequences for the entire industry.
Faced with these ducas, the co-founder of Ethereum also has an answer:
“I heard rumors that the Ripple case could be closed on December 15 and that this could have catastrophic implications for the industry one way or another. But, you know, let’s move on. No matter what, it’s a decentralized ecosystem that you control. The United States of America does not have the power to decide if Cardano will live or die, it is you, the world; that’s the point of decentralized ecosystems”.
Crypto community weighs in
It should be said that regardless of Hoskinson’s statement, the reality is that today there are a large number of comments within the crypto communityof what a possible deal could mean for Ripple and the cryptocurrency industry in general.
Through his official account Twitter, US Congressional candidate January Walker noted that if an unfavorable Ripple deal is presented, it would be a “loss for the whole world and WEB3.”
“The world follows the actions of the United States and the way the government treats one of us, sets a precedent for the way they treat all of us. Instead of fighting each other claiming that one group is better than another , we have to work together for proper legislation“Walker said on Twitter.
For his part, David Gokhshtein, founder of the blockchain-focused media company Gokhshtein Media, indicated the urgent need for Ripple to succeed in this case:
“We need Ripple to win this case and not settle“, since according to Gokhshteinthat would be without a doubt, the worst possible scenario and added “In the worst case, Ripple would reach an agreement, but I don’t know if it would bring clarity to the entire sector“, he added.
However, not everything is negative thinking, since Jeremy Hogan, partner of Hogan & Hogan, has indicated in this situation that one should not be alarmist, since like all good mathematical problems such as cryptocurrency mining, there are several possible results. .
Through a video on Youtube,Hogan indicated that there is around a 50 percent chance that Ripple will win, however, there is also a “110.6 percent chance that something will happen soon” to consider.
The lawyer pointed out that, if Ripple wins, what will happen is that the firm:
“It had no legal obligation to XRP buyers after the sale occurred, no post-sale obligation, which in other words means there can be no investment contract without an investment contract.“.
Will the lawsuit against Ripple finally come to an end and the crypto project can continue with its growth plans that have been stalled as a result of this legal problem?
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