Ripple and the SEC have been engaged in a legal dispute for two years, but Cardano’s creator Charles Hoskinson believes the matter may soon be resolved.
Since 2020, Ripple has been engaged in a legal struggle with the Securities and Exchange Commission (SEC) to show that XRP is not a security. However, during an Ask Me Anything (AMA) session, Charles Hoskinson of Cardano said that the Ripple matter will be resolved by December 15. XRP is selling at about $0.377 at the time of writing.
After making a bold remark on December 15 on the likelihood of a settlement, Charles Hoskinson warned that it might have devastating consequences for the sector.
“According to reports, the Ripple case will be resolved on December 15, which might have disastrous repercussions for the sector. Hoskinson said that you guys run a decentralized ecosystem and would continue to go ahead regardless of what transpires.
However, Hoskinson emphasized through Twitter that he does not believe this. “I stated I heard stories,” criticizes the inventor of Cardano.
Gene Hoffman, the COO of Chia network, expected that a federal court would consider XRP tokens to be securities prior to Charles Hoskinson’s statements regarding the disastrous ramifications.
He supports his case by asserting that XRP and LBRY are the same. SEC previously prevailed against LBRY, and LBC tokens are now deemed securities.
Michael Saylor, a Bitcoin maximalist, asserts that “Ripple is an unregistered security.” He feels it is unethical and that the SEC should put a stop to it. Ripple’s last filing of its defence to the court on December 2 suggests that the lengthy lawsuit may soon come to a close.
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