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Ripple Vs SEC

Ripple Vs. SEC Case Might Be Settled On This Date, Cardano Founder Claims

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cardano founder Charles Hoskinson has made an explosive claim about the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) in one of his infamous Ask Me Anything (AMA) videos.

Hoskinson commented on a possible settlement date for the case between Ripple and the SEC.

The Cardano leader has reportedly received information that a settlement between the two parties could be made public on Dec. 15.

However, the Cardano founder warned that the decision will have a “catastrophic” impact on the crypto industry in the now two-year-long legal battle if his information proves to be true.

I heard rumors that the Ripple case will be settled December 15, and that 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.

Speculations On The Outcome Of The Ripple Vs. SEC Lawsuit

Hoskinson’s comments come after both Ripple and the SEC filed their motions for summary judgment on Dec. 2. These were the last submissions Judge Torres will receive on the ruling of her case.

Related Reading: Ripple Execs Facing Multi-Million Fines From SEC? Lawyers Weigh In

Now it’s a matter of waiting. Meanwhile, there is vehement speculation in the community about what the outcome of the case might be.

Jeremy Hogan, an American lawyer who has been following the Ripple case as a commentator for the XRP community since the beginning, sees mixed chances.

Hogan pointed out in his latest analysis that Ripple could win, lose, or there could be a draw. However, the most likely scenario according to the attorney is that the blockchain firm wins.

But this is contingent on the SEC not being able to prove the blockchain company has legal obligations to buyers of XRP.

That said, Hogan also sees a 30% chance that Ripple will lose the case. This could happen if the SEC manages to convincingly present to Judge Torres that Ripple used the sales of XRP to build its cross-border payments business.

Related Reading: Ethereum And Ripple Are Committing Securities Fraud, Michael Saylor Claims

More Probabilities

Hogan assigns a 19.1% chance to a draw. This could look like Judge Torres deeming early sales of XRP as securities. After a certain day, however, XRP is losing its status and will be classified as a non-securities sale, just like all future XRP transactions.

A final scenario, according to Hogan, could be a completely unexpected ruling, which “sometimes” happens in litigation. In summary, Hogan said:

In conclusion, the legal brief’s official lawsuit prediction is a 50.12% chance of Ripple winning a 29.88% chance the SEC wins.

Gene Hoffman, chief operating officer of blockchain company Chia Network, recently expressed a completely contrarian view. Hoffman predicts that the judge will rule in favor of the SEC, as the regulator has not lost a section 5 case in decades.

Moreover, the COO pointed to the LBRY case, in which the SEC walked away victorious just a few months ago.

Also, the Hinman speech is “completely irrelevant”, as other XRP “bag” holders claim, because Hinman told Ripple leadership that he believes XRP will be a security in 2019.

At press time, the XRP price was at $0.3774, breaking south of an uptrend line in the 4-hour chart.

Ripple XRP USD 2022-12-12
XRP price breaking downwards, 4-hour chart. Source: TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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