Ripple v. SEC court case update as of December 12, 2022
, 2022-12-12 06:06:38,
Amid the bearish movements of the majority of the cryptocurrency market assets, the closure of the high-profile legal battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple could be in sight.
Indeed, the speculations mount that the opposing parties would settle the case in which the SEC is accusing Ripple of illegally selling the XRP token, which the regulator considers a security, and the settlement will likely define which cryptocurrencies are viewed as securities under U.S. laws.
Catastrophic implications?
As the market awaits the ruling of the presiding judge, Cardano (ADA) founder Charles Hoskinson believes that the outcome of the judgment in the Ripple case could have ‘catastrophic’ consequences for the general crypto sector after he was criticized for his stance on the issue.
Hoskinson made these comments after the unconfirmed reports that the final judgment might be ready by December 15 as both Ripple and the SEC have made their final submissions and amici briefs on the matter.
Ripple’s legal position
On December 7, Ripple’s general counsel Stuart Alderoty stated that:
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