Charles Hoskinson says that he has heard rumors that Ripple’s lawsuit with the U.S. Securities and Exchange Commission (SEC) will come to a conclusion this week.
Hoskinson discusses what might happen if Cardano (ADA), is declared unregistered by regulators in a new Ask-Me-Anything (AMA) video.
“There’s nothing in the history of Cardano that feels security-like, from the beginning to where it’s at today to the fact that the network is fully decentralized and so forth. It would be worse if Ethereum and Bitcoin were securities. This is why regulation by enforcement is so problematic. There’s not much you can do. Just any given Sunday, it’s whoever the regulators decide to pick and theres a big fight, $100 million is spent [and] it’s brutal and vicious and a lot of hard feelings. Sometimes people win. Sometimes people don’t.”
In late 2020, Ripple was sued in the SEC over allegations that the firm had sold XRP unregistered securities. Hoskinson said that rumors are circulating that the lawsuit will be settled in the next few days, after nearly two years.
“I’ve heard rumors that the Ripple case will be settled December 15th. Let’s just see. This could have devastating consequences for the industry in one direction or another. Keep moving forward. Regardless of what happens, it’s a decentralized ecosystem you guys control. The United States of America doesn’t get to say that Cardano lives or dies. You do. The world. That’s the point of decentralized ecosystems.”
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