Fox Business server Charles Gasparinoshared his view on what consequences could befall the cryptocurrency industry, including exchanges, if the SEC wins its lawsuit against Ripple Labs.
According to Gasparino, the SEC-Ripple The “SEC victory” from the lawsuit will result in damage to all crypto assets except Bitcoin.
Head of Crypto Community Troubled With SEC-Ripple Litigation
Gasparino said that if the SEC succeeds in beating Ripple, it’s not just for Ripple Labs and XRP, but for all cryptocurrency thinks it will have very negative consequences for the industry.
The journalist is of the opinion that the crypto community will face a “bloodbath”. One such result is the SEC Chair. Gary GenslerIt means applying strict regulations to every sector of the crypto space, including crypto exchanges that may want to enforce.
As we reported on Koinfinans.com, Gasparino believes it will force registration for every cryptocurrency except the leader Bitcoin.
BREAKING: #cryptocommunity sees a bloodbath if @SECGov prevails against @Ripple in the form of more regs/oversight that will impact nearly every sector including the exchange we given @GaryGensler‘s desire to force registration of every coin but $BTC. We discuss now @FoxBusinessNEWS CONTINUES BELOW
— Charles Gasparino (@CGasparino) January 10, 2023
Gasparino recently shared the nightmare scenario that he expects to happen if Ripple is defeated. However, he noted that only Gensler might want to go after Ethereum for token sales, thereby hurting the SEC’s “two best technologies in crypto.” He apparently believes that “only Ripple and Ethereum are real”.
XRP Is Harmful
Lawyer Jeremy Hogan, who closely follows the Ripple case, also shared his opinion on the above-mentioned question. When asked what could happen to XRP if the SEC legal team wins in court, in this case XRPIt is of the opinion that it will be deprived of about 25% of the benefit of .
Hogan noted that most likely the token will be banned in the US, with the country providing about 25% of global economic activity.
As for Ripple, Brad Garlinghouse stated in an interview in 2021 that if the company loses, it will relocate from the US to a more crypto-friendly country. There were rumors at one time that the fintech giant was considering moving its headquarters to the UAE.
Overall, Garlinghouse expects the case to be resolved in the first quarter of this year.