Rumors proceed to swirl suggesting the two-year authorized battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) could also be coming to an finish as early as this week, prompting the crypto group to weigh in on the matter.
Speculation concerning the potential settlement seems to have come from a Dec. 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson, who mentioned he had heard rumors that the case can be settled on Dec. 15.
In the times since, there’s been loads of commentary from the group giving their two cents on what a settlement would imply for Ripple and the broader crypto trade.
In a Dec. 12 Twitter put up, pro-crypto former U.S. congressional candidate January Walker opined that an unfavorable settlement from Ripple can be a “loss for the whole world & WEB3,” including:
“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,” Walker mentioned, calling for the trade to “work together.”
The world follows the actions of the USA, and the way the federal government handles considered one of us, units priority for the way they deal with all of us. Instead of battling in opposition to one another claiming one group is best than one other we’d like to work collectively for the proper laws.
— January Walker (@UtahPolitician) December 12, 2022
David Gokhshtein, the founding father of blockchain-focused media firm Gokhshtein Media, weighed in as nicely, commenting in a Dec. 10 Twitter put up: “We want Ripple to win this case and never settle,” which he said would be a worst-case scenario.
“Worse case scenario is Ripple settles, but I don’t know if they’ll provide clarity for the entire industry,” he added.
During the Dec. 10 AMA, Hoskinson also said that a settlement could have “catastrophic implications for the industry one way or the other.”
“But you know, you just keep moving forward. Regardless of what happens, it’s a decentralized ecosystem that you guys control.”
Hoskinson later reiterated in a Twitter thread that these were only rumors and that he didn’t necessarily believe them to be true.
Meanwhile, crypto attorney 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 roughly a 50% chance that Ripple wins, but a “110.6% chance of something happening shortly.”
The lawyer predicted that if Ripple wins, the most likely reason would be “it had no legal obligation to purchasers of XRP after the sale occurred, no post sale obligations, in other words there can be no investment contract without an investment contract.”
“The evidence is clear in the Ripple case that there is no ongoing legal relationship between Ripple and XRP purchasers. There’s just none, and the SEC has failed to address that problem,” he added.
However, he also backed an earlier Nov. 4 prediction by defense lawyer and former federal prosecutor James Filan that the case will be decided on or before March 31, 2023, calling it a “proclamation from a legal God.”
I’m sticking to my prediction that District Judge Torres will determine each the Expert Motions and the Summary Judgment motions on the identical time – on or earlier than March 31, 2023.
— James Okay. Filan 126k (watch out for imposters) (@FilanRegulation) November 4, 2022
Related: Investors more and more assured of Ripple’s victory over SEC: CoinShares
Ripple CEO Brad Garlinghouse advised panelists on the Oct. 11 DC Fintech Week convention that he expects the case in opposition to the agency to conclude through the first half of 2023 however admitted that it was laborious to predict.
He has beforehand mentioned Ripple would contemplate a settlement with the SEC on the situation XRP is just not categorized as a safety.
Cointelegraph reached out to Ripple for remark however didn’t obtain a right away response.
