Ripple To Settle SEC:
Former U.S. House of Representatives candidate January Walker stated that a possible settlement would be detrimental to Web3 and the “whole planet.”
The crypto community has commented on the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), which has been the subject of persistent rumors that it is nearing its conclusion.
A December 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson noted he had heard rumors that the case would be settled on December 15 — he later reiterated that it was only rumored and that he didn’t necessarily believe it to be true. Speculation is rampant about a potential settlement as early as December 15.
Cointelegraph has also learned that the rumors are untrue in the meanwhile.
Even yet, there has been a lot of discussion about what a settlement might entail for Ripple and the larger crypto sector.
Former U.S. congressional candidate January Walker, who supports cryptocurrencies, stated on Twitter on December 12 that a negative settlement from Ripple would be “a loss for the whole globe & WEB3,” adding:
If Ripple settles it will be a loss for the whole world & WEB3.
— January Walker (@UtahPolitician) December 12, 2022
Twitter Take:
Walker urged the sector to “work together,” saying that “the world follows the acts of the USA and that “how the government handles one of us sets a precedent for how they handle all of us.”
Gokhshtein Media founder David Gokhshtein also offered his opinion, writing on Twitter on December 10 that “we need Ripple to win this case and not settle,” which he described as the worst-case scenario.
The worst-case scenario is that Ripple settles, but he continued, “I don’t know if they’ll clarify the whole industry.”
A settlement may have “catastrophic ramifications for the industry one way or the other,” Hoskinson added during the December 10 AMA.
Jeremy Hogan, a partner at Hogan & Hogan and a crypto lawyer, thinks several potential outcomes exist. Hogan stated that he believed Ripple had about a 50% chance of winning in a video posted to YouTube on December 10 but that there was a “110.6% probability of anything happening shortly.”
According to the attorney, Ripple’s success would most likely be because “it had no legal responsibility to purchasers of XRP after the sale occurred, no post-sale duties; in other words, there can be no investment contract without an investment contract.”
“There is no continuous legal relationship between Ripple and XRP buyers, as shown by the evidence in the Ripple lawsuit. He continued that there aren’t any, and the SEC has failed to address this issue.
He did, however, support James Filan’s previous November 4 forecast that the matter would be resolved on or before March 31, 2023, calling it a “proclamation from a legal God.”
I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023.
— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) November 4, 2022
At the D.C. Fintech Week conference on October 11, Ripple CEO Brad Garlinghouse said that he anticipates the case against the company to be resolved in the first half of 2023, while he acknowledged that it was difficult to forecast.
Conclusion:
He has previously stated that if XRP is not categorized as a security, Ripple will explore settling with the SEC.
