Bitboy: Gary Gensler to resign, Ripple to win in 2023

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Crypto Regulation
Bitboy: Gary Gensler to resign, Ripple to win in 2023

Crypto blogger and pro-XRP campaigner Ben Armstrong, known as BitBoy, published an incredibly bullish projection for 2023. While the community was expecting Ripple to prevail in its legal battle with the SEC, which constituted the first portion of his forecast, the second portion of the prediction was unexpected.

According to Armstrong, Gary Gensler, the current head of the Securities and Exchanges Commission (SEC), should be compelled to resign in the coming year. Similar requests were made earlier in the year on social media, even before the demise of the cryptocurrency exchange FTX.

Crypto lawyer John Deaton sees a significantly different image. In the absence of the pretrial settlement that many in the XRP community are hoping for, he thinks a court will settle the matter. The likelihood of crypto winning the lawsuit becomes iffier in the wake of such a result. Deaton asserts that Gensler will not compromise in any way and will not acknowledge that XRP is not a security.

Such stubbornness, not to mention Gensler resigning from his position, might be a significant barrier to a successful outcome for Ripple and XRP. However, based on various forecasts, including those made by people actively involved in the experiment, the result should be known in the coming months.

Ripple vs SEC: how the lawsuit evlolves

It may soon be time to conclude the protracted legal dispute between Ripple Labs and the SEC, which will serve as a precedent for the whole cryptocurrency market.

On Twitter, there was a rumor in December 2022 that the lawsuit, which hinges on whether or not Ripple’s XRP coin is an unlicensed security, would have been resolved that month following a “ask me anything” session with Charles Hoskinson of Cardano. He claimed to have received rumors that the XRP v. SEC case may be resolved around Dec. 15. Hoskinson then emphasized that he only transmitted words rather than more specific information. This came after several predictions were made on when the lawsuit would end.

A distinct image is presented in Ripple’s most recent summary judgment letter. Four pages of the emails are cited in Ripple’s letter, with just two words redacted.

Deaton is no longer of that opinion. He thinks that emails, comments, or drafts contain any references to XRP. According to Deaton, if XRP had been addressed in the emails, Ripple attorneys would have mentioned it in the papers. However, the SEC recently appealed to conceal Hinman’s documents before the next hearing, leaving the anonymity of which side the case will take.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.