Former U.S. congressional candidate January Walker said that a possible settlement would be a loss for the “whole globe” and Web3.
Rumors persist that the two-year legal fight between Ripple Labs and the United States Securities and Exchange Commission (SEC) might finish as soon as this week, leading the crypto community to weigh in.
A Dec. 10 ask-me-anything (AMA) with Cardano creator Charles Hoskinson, who indicated he had heard reports that the matter will be concluded on Dec. 15, seems to have sparked speculation about the likely settlement.
In the days afterwards, there’s been plenty of community opinion on what a settlement might imply for Ripple and the larger crypto sector.
In a Dec. 12 Twitter post, pro-crypto former U.S. congressional candidate January Walker stated that an unfavorable Ripple settlement would be a “loss for the whole world & WEB3,” adding, “The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us,” Walker said, urging the industry to “work together.”
David Gokhshtein, the creator of blockchain-focused media business Gokhshtein Media, also chimed in, writing on Dec. 10 on Twitter, “We need Ripple to win this lawsuit and not settle,” which he described as the worst-case situation.
“Worst-case scenario is that Ripple settles, but I’m not sure whether that would give clarity for the whole industry,” he said.
Hoskinson also said during the Dec. 10 AMA that a settlement may have “catastrophic ramifications for the business one way or the other.”
“But, you know, you just keep going. Whatever happens, it’s a decentralized environment under your control.”
Hoskinson subsequently said on Twitter that they were only rumors and that he didn’t necessarily think them to be genuine.
Meanwhile, Jeremy Hogan, a partner at Hogan & Hogan, a crypto attorney, thinks there are multiple conceivable outcomes. Hogan informed his 157,000 YouTube viewers on December 10 that he felt Ripple had a 50% chance of winning, but a “110.6% probability of something occurring soon.”
If Ripple wins, the lawyer believes it will be because “it had no legal commitment to buyers of XRP after the sale happened, no post sale responsibilities, in other words, there can be an investment contract without an investment contract.”
“In the Ripple case, the evidence is clear that there is no continuous legal connection between Ripple and XRP buyers.” There are none, and the SEC has done nothing to address the issue,” he continued.
He did, however, back up defense counsel and former federal prosecutor James Filan’s previous Nov. 4 forecast that the case would be determined on or around March 31, 2023, calling it a “proclamation from a legal God.”