Rumors continue to suggest that the two-year legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) could come to an end this week, prompting the crypto community to weigh in. on the matter.
Speculation about the possible deal seems to stem from a December 10 question with Cardano founder Charles Hoskinson, who said he had heard rumors that the case would be settled on December 15.
In the days since, there has been plenty of feedback from the community, weighing in on what a deal would mean for Ripple and the broader crypto industry.
In a December 12 Twitter post, pro-crypto United States congressional candidate January Walker opined that an unfavorable Ripple deal would be a “loss for the whole world and WEB3,” adding:
“The world follows the actions of the US, and the way the government handles one of us sets a precedent for how it handles all of us,” he said, calling on the industry to “work together.”
The world follows the actions of the US, and how the government treats one of us sets a precedent for how it treats all of us. Instead of fighting each other claiming that one group is better than another, we must work together for the right legislation.
— January Walker (@UtahPolitician) December 12, 2022
David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, also weighed in on a Dec. 10. mail commenting: “We need Ripple to win this case and not settle”, which would be the worst case scenario.
“Worst case Ripple settles, but I don’t know if they will bring clarity to the whole industry,” he added.
During the AMA on December 10, Hoskinson also said that a deal could have “catastrophic implications for the industry one way or another.”
“But you know, you keep moving forward. Regardless of what happens, it is a decentralized ecosystem that you control.”
hoskinson later reiterated in a Twitter thread that these were just rumors and that he didn’t necessarily believe they were true.
Meanwhile, crypto lawyer Jeremy Hogan, a partner at Hogan & Hogan, says there are several possible outcomes in a Dec. 10 YouTube video, telling his 157,000 subscribers that he thinks there is about a 50% chance Ripple win, but a “110.6% chance”. of something happening soon.
The lawyer predicts that if Ripple wins, the most likely reason would be that “it had no legal obligation to the buyers of XRP after the sale occurred, no post-sale obligation, in other words, there can be no investment contract.” without an investment contract”.
“The evidence is clear in the Ripple case that there is no ongoing legal relationship between the buyers of Ripple and XRP. There simply aren’t any, and the SEC hasn’t addressed that issue,” he added.
However, he also endorsed an earlier November 4 prediction by defense attorney and former federal prosecutor James Filan that the case will be decided on or before March 31, 2023, calling it a “proclamation of a legal God.”
I stand by my prediction that U.S. District Judge Torres will decide both the expert motions and the motions for summary judgment at the same time, on or before March 31, 2023.
— James K. Filan 126k (beware of impostors) (@FilanLaw) November 4, 2022
Related: Investors Are Increasingly Confident Of Ripple’s Victory Over SEC: CoinShares
Ripple CEO Brad Garlinghouse told panelists at the DC Fintech Week conference on Oct. 11 that he expects the case against the company to conclude during the first half of 2023, but admitted that it was hard to predict.
He previously said that Ripple would consider a settlement with the SEC on the condition that XRP is not classified as a security.
Cointelegraph reached out to Ripple for comment but did not receive an immediate response.
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