Cardano (ADA) Charles Hoskinson, founder and CEO of Input Output, said in a recent YouTube “Ask me anything” session that the two-year legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) He said he had heard “rumors” that it might end on December 15.
But Hoskinson claims the outcome of the closely watched lawsuit could have “devastating” implications for the industry.
On December 2, Ripple submitted its redacted response to the SEC’s objection to defendants’ request for summary judgment. This was his last application in the lawsuit. The plaintiff also asked the court to rule against Ripple in its response.
Gene Hoffman, chief operating officer of blockchain company Chia Network, recently said that the judge would rule in favor of the SEC, basing his opinion on the SEC’s decades-long failure to lose a Chapter 5 lawsuit. Hoffman also recalled that blockchain startup LBRY recently lost a similar lawsuit against the SEC.
Ripple CEO Said The Case Could Be Adjudicated in the First Half of 2023
Hoskinson’s latest statement on the case should be viewed with caution, given that former Ripple CEO Brad Garlinghouse predicts it will be settled in the first half of 2023.
Cryptocurrency The legal battle, which is expected to have major effects on the industry, started in December 2020. The SEC lawsuit dealt a major blow to the price of the XRP cryptocurrency, and many US exchanges took action to halt XRP trading.
XRP was once traded as the second largest cryptocurrency in the world, ahead of Ethereum.
*Not investment advice.
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