Charles Hoskinson, CEO of Input Output, the company behind Cardano, recently held an “ask me anything” session on YouTube. The famous CEO said in the aforementioned session that he heard “rumors” that the two-year legal battle between Ripple and the US Securities and Exchange Commission could end on December 15th.
Hoskinson claims that the outcome of the closely watched lawsuit could have “catastrophic” implications for the industry.
On December 2, Ripple submitted its corrected response to the SEC’s appeal to the defendants’ request for summary judgment. This was his final presentation in the high-profile case. The plaintiff also asked the court to rule against Ripple.
On the other hand, Gene Hoffman, chief operating officer of blockchain company Chia Network, recently predicted that the judge would rule in favor of the SEC as the SEC has not lost any Chapter 5 cases in decades. Hoffman also recalled that blockchain startup LBRY also recently lost a similar lawsuit against the SEC.
Hoskinson’s statement should be viewed with suspicion, given that former Ripple CEO Brad Garlinghouse predicts the case will be resolved in the first half of 2023.
The legal battle, which is expected to have major implications for the cryptocurrency industry, began in December 2020. The SEC lawsuit dealt a major blow to the price of the XRP cryptocurrency. We can say that the results are eagerly awaited by the entire industry, especially Ripple investors.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.