A necessary and decisive victory – The crypto community is closely monitoring the outcome of the lawsuit between Ripple (XRP) at the SEC. Indeed, the judge’s decision will have positive or negative consequences for the entire crypto industry. In particular on the balance of power between the actors of web 3 and the regulators.
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Ripple against the SEC: between rumors and real issues for web3
During an AMA – ask-me-anything – from last December 10, Cardano founder Charles Hoskinson addressed rumors that the legal battle between Ripple and the SEC could be a settlement on December 15.
However, Charles Hoskinson stressed that this information was only a rumor, and he indicated that they were not necessarily proven. Be that as it may, founded or not, these gossips have brought defenders of web3 out of their silence.
In a December 12 tweet, former US congressional candidate January Walker called a potential deal or settlement unfavorable to Ripple, “ loss for the whole world and for the web3 “. And, she is not the only one to have communicated on the stakes of this trial.
An important decision for Web 3 and cryptocurrencies
David Gokhshtein, the founder of blockchain media Gokhshtein Media, has also insisted on the importance of a court ruling in favor of Ripple, stating that “we need Ripple wins this case and does not compromise “. He added that the worst-case scenario would be for Ripple to give in – through an agreement.
But is Ripple really in a good position to win this legal tussle? In a December 10 YouTube video, cryptocurrency attorney Jeremy Hogan estimated at 50%, the probability that the company will win its lawsuit.
He believes that a Ripple win would hinge on the absence of a legal obligation of the company towards the buyers of XRP after the sale. The evidence would have demonstrated the non-existence of an “ongoing legal relationship” between Ripple and these buyers, and the SEC would not have “succeeded in resolving this problem”.
Ripple had made its last filing with the court in connection with this case, at the beginning of December. As for the agenda for the outcome of this trial, former federal prosecutor James Filan expects a decision for March 31, 2023, or before that date.
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