- SEC sued Ripple in December 2020 for conducting $1.3 billion securities offerings.
- SEC accused Ripple of violating Sections 5(a) and 5(c) and the Securities act., 1933.
- All the necessary papers are submitted, the investigation is complete, and the result might come out on December 15.
The industry generally keeps an eye on high-profile cases, as their outcome can seriously affect the business of everyone associated with the industry. People have been eagerly waiting for hearings regarding the FTX collapse, awaiting a closure for the affected investors. Right now, all eyes are on Ripple vs. SEC case.
Cardano founder Charles Hoskinson commented that December 15 would be the likely date for an outcome in the case.
In his video cast on December 10, Hoskinson mentioned that untenable reports suggest that the final decision could be read by December 15. Moreover he warned that the outcome could have disastrous impact on general cryptocurrency.
Hoskinson added that regardless of the case’s outcome, the Decentralized Finance (DeFi) space is in the hands of the people and not the government.
Amidst such troubling times, Hoskinson said,
“Its the decentralized ecosystem, is what you guys control. The US dosen’t get to say whether Cardano lives or dies; you do, the world; it’s a matter of a decentralized ecosystem.”
The Ripple community did not healthily welcome Hoskinson’s comments on the matter.
Charles stated earlier that Ripple is under the scrutiny of the SEC due to a lack of clear regulations. This caused him to be in the line of fire with XRP fans – as reported by a news agency.
Hoskinson’s comment comes when both sides have made the final submission and are awaiting a ruling. Some major crypto industry players speculate that the case shall be ruled in favor of Ripple after the crypto company has managed some smaller victories.
Some of the said victories were when the court accepted the submissions by companies and individuals supporting Ripple. In its defense, Ripple has accused the SEC of a conflict of interest, saying that XRP is a security and ETH is not.
Legal experts, however, differ greatly in their views regarding the possible outcome of the case. US Attorney Jeremy Hogan predicted 4 outcomes of the case.
Either Ripple could win or lose, or the case could be ruled to a draw. A draw is highly unlikely due to the implications this case has on the crypto space.
It will be okay if Ripple wins and walks out unscathed from SEC. Authorities shall question crypto entities. If the SEC wins and charges are proven, we can see another entity filing for bankruptcy. Or going through rough times.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/12/ripple-vs-sec-case-may-be-settled-by-december-15-hoskinson-warns-of-impact/