Rumors suggesting that the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is drawing to a close have continued to circulate, prompting the cryptocurrency community to weigh in on the matter..
There is speculation that a possible deal will be reached on December 15, a rumor that was shared in a December 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson.who noted that he had heard rumors that the case would be resolved on December 15, and later reiterated that it was just a rumor and that he didn’t necessarily believe it to be true.
For his part, Cointelegraph has also come to understand that the rumors are unfounded..
Despite this, there is still a lot of talk about what a deal would mean for Ripple and the broader cryptocurrency industry.
In a December 12 Twitter post, former US congressional candidate January Walker opined that an unfavorable Ripple deal would be a “loss for the whole world and WEB3”adding:
“The world follows the actions of the US, and the way the government treats one of us sets a precedent for the way they treat all of us,” Walker said.calling on the industry to “work together”.
The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us. Instead of battling against each other claiming one group is better than another we need to work together for the right legislation.
—January Walker (@UtahPolitician) December 12, 2022
The world follows America’s actions, and the way the government treats one of us sets a precedent for the way it treats all of us. Instead of fighting each other claiming that one group is better than another, we need to work together for proper legislation.
david gokhshteinfounder of blockchain-focused media company Gokhshtein Media, he also opined, commenting in a post on Twitter on Dec. 10: “We need Ripple to win this case and not settle,” which he says would be the worst case scenario.
“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..
During the AMA on December 10, Hoskinson also said a deal could have “catastrophic implications for the industry one way or another.”.
For his part, crypto lawyer Jeremy Hogan, a partner at Hogan & Hogan, says there are several possible outcomes. In a Dec. 10 YouTube video, Hogan told his 157,000 subscribers that he thought there was about a 50% chance Ripple would win, but a “110.6% chance something will happen soon.”.
The lawyer predicted that if Ripple wins, the most likely reason would be that “it had no legal obligation to the buyers of XRP after the sale occurred, no post-sale obligation, which in other words means that there can be no investment contract without a investment contract”.
“The evidence is clear in the Ripple case that there is no ongoing legal relationship between Ripple and XRP buyers.. There just aren’t any, and the SEC hasn’t addressed that issue,” she added.
However, also endorsed a prediction November 4, 2023 statement from defense attorney and former US Attorney James Filan that the case will be decided on or before March 31, 2023, calling it a “proclamation of a legal God.”.
I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023.
— James K. Filan 126k (beware of imposters) (@FilanLaw) November 4, 2022
I stand by my prediction that U.S. District Judge Torres will decide both the petitions for expert opinion and the petitions for summary judgment at the same time: on or before March 31, 2023.
Ripple’s CEO, Brad Garlinghouse, told panelists at the DC Fintech Week conference on Oct. 11 that he expects the case against the firm to wrap up in the first half of 2023, but admitted it was hard to predict..
He had previously said that Ripple would consider a settlement with the SEC on the condition that XRP is not classified as a security..
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