SEC vs Ripple resolution ‘catastrophic’ for crypto says Cardano founder

Cardano (ADA) creator and Ethereum (ETH) co-founder Charles Hoskinson claims that he heard “rumors” about the Security and Exchange Commission (SEC) vs Ripple case will publicly conclude on Dec. 15, with disastrous consequences for the crypto industry.

During a “surprise” ask me anything (AMA) session streamed on Dec. 11, Hoskinson said that he had “rumors that the Ripple case will be settled December 15, and that could have catastrophic implications for the industry one way or the other.” He suggested that the cryptocurrency space may decide to make its stand against the regulator’s decision:

“But you know, you just keep moving forward. Regardless of what happens, it’s a decentralized ecosystem that you guys control.”

The report follows Ripple Labs filing its final submission in its ongoing legal battle against the U.S. Securities and Exchange Commission. The legal battle — which started at the end of 2020 — was initiated by the regulator who argued that Ripple offered unregistered securities through its XRP sales.