Is Ripple (XRP) ready to settle with the SEC this week? Crypto Twitter weighs in. Former US congressional candidate January Walker says a potential solution would be a loss to ‘the whole world’ and Web3. Meanwhile, 300 million XRP was withdrawn from Binance. What’s going on?
“An unfavorable solution for Ripple would be a loss for the whole world”
cryptocoin.comAs you follow, rumors continue to circulate that the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is over. This caused the crypto community to focus on the issue. Most recently, Cardano founder Charles Hoskinson said he had heard rumors that the case would be settled on December 15. While December 15 is a fairly early date, speculation about a possible deal is widespread. By the way, Hoskinson later noted that this was just rumor and he did not believe it to be true.
Despite this, there are still plenty of comments about what a deal would mean for Ripple and the wider crypto industry. In a December 12 Twitter post, former pro-crypto US congressional candidate January Walker stated that an unfavorable solution by Ripple would be ‘a loss for the whole world and WEB3’, saying:
The world is following the actions of the USA. It also prioritizes how the government treats one of us, rather than how it treats us all. We need to work together for the right legislation rather than fighting each other by claiming that one group is better than the other.
Comments on Ripple and SEC lawsuit outcome
David Gokhshtein, founder of blockchain-focused media company Gokhshtein Media, also commented on Twitter on Dec. Gokhshtein said, “We need Ripple to win this case. We must not come to an agreement. That would be a worst-case scenario,” he said. He also said, “The worse case scenario is for Ripple to honor the deal. But I don’t know if they will provide clarity for the entire industry,” he added.
Hoskinson also said a deal would “have disastrous consequences for the industry one way or another.” Meanwhile, crypto lawyer Jeremy Hogan, a partner at Hogan & Hogan, said there are several possible outcomes. In a YouTube video on December 10, Hogan stated that Ripple has a roughly 50% chance of winning. However, he suggested that ‘the probability of something happening in a short time is 110.6%’.
The lawyer predicted that if Ripple wins, the most likely reason would be “there is no legal obligation to XRP buyers after the sale has taken place, no post-sale obligations, that is, there can be no investment contract without an investment contract.” In this context, he said:
In the lawsuit, the evidence is clear that there is no ongoing legal relationship between Ripple and XRP buyers. There is none. The SEC has failed to resolve this issue.
However, he also supported the prediction that defense attorney and former federal prosecutor James Filan made on November 4 that the case would be decided on or before March 31, 2023. He also described it as a ‘lawful declaration of God’.
Ripple CEO Brad Garlinghouse, on the other hand, told panelists at the October 11 DC Fintech Week conference that he expects the lawsuit against the firm to be concluded in the first half of 2023. But he acknowledged that it is difficult to predict.
Did 300 million XRP kiss Binance goodbye?
According to popular crypto tracker Whale Alert, a staggering 300 million XRP has been withdrawn from Binance. Some users in the comment thread say that this stack was removed from the exchange by investors trying to save their crypto. But later it turned out that the main purpose of this transfer of funds was different.
This is not the first XRP withdrawn from Binance today. A few hours ago, 37,371,039 XRP was also sent from this exchange to a wallet that the tracker in question marked as ‘unknown’. That’s just two crypto transfers from Binance in the last 24 hours. Whale Alert also found that approximately 1.2 billion BUSD had moved in the last 10 hours.
Overall, the amount of crypto withdrawn from Binance has approached $2 billion. This mass exodus began when the US attorney’s office announced that it was considering filing a lawsuit against the largest exchange in terms of trading volume, suspecting Binance of money laundering and sanctions violations.
CZ from Binance commented on the situation. He noted that this is the FUD that has been following Binance in large volumes since its ICO in 2017. Finally, data provided by XRP explorer Bithomp clarified the situation. The data showed that, like 37.3 million XRP, 300 million XRP was moved from one Binance wallet to another.
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