As people wait for the judgment in the lawsuit between Ripple and the SEC, the topic of conversation right now is all about the case. It has been much too much time. To be exact, two years had passed. And I think I speak for everyone when I say that we all can’t wait until it’s over.
In the meanwhile, there is a great deal of heated conjecture going on in the community on the potential result of the case. There are a lot of people rooting for Ripple to win. However, there are those people who are concerned that the SEC will prevail, just as it did in the LBRY case.
US Congress Candidate Highlights the Importance of Ripple Beating SEC
Ripple’s decision to fight the United States Securities and Exchange Commission (SEC) in the ongoing litigation rather than try to reach a settlement was recently brought to light by the United States politician and Congressional candidate from Utah January Walker. Walker emphasized the significance of Ripple’s victory over the SEC in the latest tweet.
Walker believes that the world and the Web3 scene will suffer as a result of Ripple’s potential decision to settle. Walker is well-known for her support of blockchain technology and cryptocurrencies, and in September of this year, she referred to Cardano as an effective chain.
The rest of the world closely watches what the United States of America does, and according to Walker, a precedent is established based on how the government deals with only one issue.
She went on to say that rather than engaging in competition with one another and arguing that our own organizations are superior to others, we need to collaborate on the development of appropriate laws.
The information on a possible settlement for Ripple was provided by Charles Hoskinson, the inventor of Cardano. In one of his AMA videos on social media, Hoskinson made the startling assertion on the contentious legal battle that is taking place between Ripple Labs and the United States Securities and Exchange Commission (SEC).
In his words:
“I’ve heard rumors that the Ripple case will be settled on Dec. 15. And we’ll just see, and that could have catastrophic implications for the industry, one way or the other.”
Walker, on the other hand, isn’t convinced that the government agency has a solid case against Ripple. She claims that if the SEC had such a rock-solid case, they wouldn’t be willing to negotiate a settlement at this point. Having said that, there is a possibility that the news of the settlement is not even accurate. But, in any case, let’s see.
Bottomline
It is no joke that if Ripple were to lose its case against the SEC, it would seriously cripple the whole sector. It is expected that the outcome of this case will have a huge bullish impact on the value of XRP if Ripple prevails. I can’t help but wonder what would take place if XRP were to be recognized as a security in a legal capacity.
In April 2021, the CEO of the company, Brad Garlinghouse, gave an interview to CNN in which he stated that the company is prepared to continue operating without the XRP in the event that it is unsuccessful in its legal battle against the US regulator, which asserts that XRP is a security and the company illegally sold the crypto to investors. It’s safe to say that I share the enthusiasm of everyone else in the crypto world for Ripple’s success.
Source: https://coinpedia.org/news/ripple-vs-sec-heres-why-a-settlement-could-prove-disastrous/