Cardano Creator Thinks Settlement of XRP Lawsuit Would Be “Catastrophic” for Crypto Industry

Charles Hoskinson, the founder of Cardano, has recently stated that a settlement in the ongoing lawsuit between Ripple Labs and the United States Security and Exchange Commission (SEC) would have a catastrophic implication on the crypto industry.

In a recent Ask Me Anything (AMA) session, Hoskinson commented on a possible settlement date for the long-standing XRP lawsuit. The Cardano founder said he received information that a settlement between the two parties could be made on the 15th of December 2022.

Read Also: Top US Lawyers Share Strong Reasons Why the SEC Won’t Win Ripple Executives in XRP Lawsuit

According to Hoskinson, resorting to settlement after a long battle will do the entire crypto industry no favor, believing that Ripple is currently representing the interest of the industry.

Charles Hoskinson noted:

“I heard rumors that the Ripple case will be settled 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.”

Recall that both Ripple and the SEC filed their motions for summary judgment on the 2nd of December. And it’s expected to be the last submissions Judge Torres will receive on the ruling of her case.

As expected, there have been lots of speculations on what the outcome of the lawsuit could be. At the same time, XRP holders know that this is a make-or-break judgment for their favorite cryptocurrency. So, they desperately want a favorable outcome.

Read Also: MicroStrategy’s Saylor Urges the SEC to Shut Down Ripple, Says ETH and XRP Are Unregistered Securities

What Does Jeremy Hogan Think of the Outcome?

Jeremy Hogan, an American lawyer who has been showing support for the XRP community since the lawsuit was filed in December 2020, sees mixed chances in the outcome.

According to Hogan, Ripple could win, lose, or there could be a draw. However, the lawyer thinks it’s most likely that Ripple comes out victorious if the SEC is unable to prove that the cross-border payment firm has legal obligations to buyers of XRP.

The lawyer also said Ripple has a 30% chance of losing the case if the SEC manages to prove that it used XRP sales to build its cross-border payments business.

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