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Cardano founder says Ripple v. SEC case might be settled by Dec. 15, warns of ‘catastrophic’ impact

Cardano CEO says Ripple v. SEC case might be settled by Dec 15, warns of 'catastrophic' impact

Cardano (ADA) founder Charles Hoskinson has commented on the possible date for settling the case between the Securities Exchange Commission (SEC) and blockchain firm Ripple.

According to Hoskinson, unconfirmed reports indicate that the final judgment might be read by December 15 but warned the outcome could have ‘catastrophic’ effects on the general cryptocurrency sector, he said in a video cast on December 10. 

However, Hoskinson stated regardless of the case outcome, the decentralized finance (DeFi) space is in the hands of the people and not the government. 

“I heard rumors that the Ripple case will be settled on December 15, and that could have catastrophic implications for the industry one way or the other. But you know, you just keep moving forward. Regardless of what happens, it’s a decentralized ecosystem that you guys control. The United States of America doesn’t get to say that Cardano lives or dies; you do, the world; that’s the point of a decentralized ecosystem,” Hoskinson said. 

Hoskinson’s tussle with XRP community 

In the meantime, Hoskinson has found himself on the wrong side of the Ripple community over the comments he made about the case. 

As reported by Finbold, Hoskinson was subjected to online backlash from XRP fans after he stated that Ripple is under SEC investigation due to a lack of clear regulations. However, he hit back at the trolls noting that he was misquoted. 

Ripple and SEC make final submissions 

Notably, Hoskinson comments come after both parties made final submissions awaiting the judgment ruling. Indeed, at some point, the cryptocurrency sector has been buzzing over speculation that the case might be ruled in favor of Ripple after a series of minor wins. 

Some of the wins saw the court accept submissions by companies and individuals supporting Ripple. At the same time, Ripple, in his defense, accused the SEC of a conflict of interest by declaring that Ethereum (ETH) is not a security while XRP is.

Furthermore, it’s worth noting that legal experts have given different perspectives regarding the case’s potential outcome. As reported by Finbold, United States attorney Jeremy Hogan predicted at least four conclusions from the case. 

He pointed out that Ripple might win or lose, or the matter might be ruled as a draw. However, he stressed that a draw wouldn’t be viable due to the implication of the case on the crypto space. At the same time, he stated that the case might get an unexpected ruling.

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