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Cardano CEO Says Ripple v. SEC Case Might be Settled by Dec 15, Warns of ‘Catastrophic’ Impact

Cardano (ADA) inventor Charles Hoskinson has remarked on the potential date for the Securities and Exchange Commission (SEC) and blockchain startup Ripple to settle their dispute.

According to Hoskinson, unverified indications suggest that the final verdict might be read by December 15, but he cautioned that the result could have ‘catastrophic’ implications on the whole cryptocurrency industry in a December 10 video.

However, regardless of the result of the lawsuit, Hoskinson noted that the decentralized finance (DeFi) space is in the hands of the people, not the government.

“I heard reports that the Ripple case would be determined on December 15, which might have disastrous consequences for the industry either way.” But, you know, you just keep going. Whatever happens, it’s a decentralized environment under your control. “The United States of America does not get to choose whether Cardano lives or dies; the world does; that’s the essence of a decentralized ecosystem,” Hoskinson said.

Meanwhile, Hoskinson has found himself on the wrong side of the Ripple community after making remarks regarding the case.

According to Finbold, Hoskinson received an online response from XRP supporters after stating that Ripple is under SEC investigation owing to a lack of clear rules. He did, however, respond to the trolls by stating that he had been misquoted.

Notably, Hoskinson’s remarks come after both parties filed their last filings in anticipation of the judgment verdict. Indeed, at one time, the cryptocurrency market was abuzz with anticipation that the case would be decided in favor of Ripple following a string of modest victories.

Some of the victories included the court accepting arguments from corporations and people that supported Ripple. Simultaneously, Ripple accused the SEC of a conflict of interest by ruling that Ethereum (ETH) is not a security but XRP is.

Furthermore, various legal experts have provided varied assessments on the case’s possible conclusion. According to Finbold, US Attorney Jeremy Hogan expected at least four outcomes from the case.

He said that Ripple may win, lose, or the situation could be called a tie. However, he highlighted that a draw would be impossible owing to the case’s implications in the crypto field. Simultaneously, he said that the case may get an unexpected verdict.

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