Charles Hoskinson, chief executive officer of Cardano builder Input Output, revealed this information during a recent ask-me-anything session on YouTube. He stated that he had heard “rumors” that the two-year-long legal battle between Ripple and the U.S. Securities and Exchange Commission could be over on December 15. According to Hoskinson, the conclusion of the carefully watched court case may have “catastrophic” repercussions for the business. Nevertheless, Hoskinson noted that the decentralized finance (DeFi) sector is in the hands of the people and not the government, regardless of the result of the lawsuit.
Ripple submitted its redacted reply to the objection that the SEC had made to the defendant’s request for summary judgment on December 2. It was the organization’s closing argument in the highly publicized lawsuit. In its response, the plaintiff also requested that the court rule against the defendant, Ripple.
Gene Hoffman, chief operating officer at blockchain company Chia Network, noted that another blockchain company, LBRY, had just been unsuccessful in a similar action against the SEC. Given that the CEO of Ripple, Brad Garlinghouse, forecasted that the issue would be resolved in the first half of 2023, the current comment that Hoskinson made about the matter needs to be treated with a grain of salt. As a result of the remarks that Hoskinson made on the matter, he has found himself on the unfavorable side of the Ripple community.
The legal fight began in December 2020. It is anticipated to have significant repercussions for the bitcoin industry. The case brought by the SEC dealt a huge blow to the price of the XRP cryptocurrency. And as a result, several exchanges in the United States moved quickly to halt trade. It is important to note that various opinions have been expressed by legal professionals on the possible outcomes of the case.