The Ripple lawsuit is now rounding out its 29th month. Ripple Labs (XRP) has spent over $200M defending itself in court. Cardano and Ethereum founder Charles Hoskinson said it will probably be resolved in June.
During a recent “Surprise AMA” interview on YouTube, a viewer asked Hoskinson:
“Charles, do you think the Ripple case gets resolved soon?”
To which Mr. Hoskinson answered:
“Yes, I do. I think it’s probably next month.”
The co-founder of Ethereum and founder and driving force behind Cardano (ADA) had no further comment in response to the question. He went on to the next after predicting the Ripple lawsuit will be resolved next month.
AMA is an acronym for “Ask Me Anything,” a social community-oriented live interview with a special guest. The format originated on Reddit, but Hoskinson does his AMAs on YouTube live streams and uploads the videos of them to other platforms like Twitter.
Ripple Labs CEO Increasingly Confident
Ripple Labs CEO Brad Garlinghouse has grown more confident in recent weeks as the case wears on. A string of small victories for Ripple against the SEC has emboldened XRP investors as well.
The unsealing of the Hinman documents in the case earlier this month was a huge victory for Ripple Labs.
They contain the transcript of a 2018 speech by William Hinman, in which the former SEC director argues cryptocurrencies are commodities. The current chair of the CFTC agrees.
Ripple Lawsuit Has Been Costly for XRP Holders
The U.S. Securities and Exchange Commission (SEC) has been pressing its case against Ripple Labs since December 2020. At the time, the price of the native token crashed 17% in 24 hours.
While fending off the SEC in a long-running suit to classify XRP tokens as securities, Ripple prices at exchanges have reflected the uncertainty of what will happen next.
So a resolution one way or the other to the case will likely be positive as far as letting markets know what to expect. Then crypto investors will be able to evaluate XRP market prices with more confidence.
Additionally, markets will be able to move on to evaluating other aspects of Ripple’s value, like trends in its network activity and development roadmap.
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