David Gokhshtein, the founder of Gokhshtein Media, tweeted yesterday that the legal decision in the Ripple vs SEC case may be announced in two months, or at the start of 2023. It’s been about 24 months since the case began; another 3-4 months won’t hurt, right? Earlier this year, he stated that if Ripple wins, it will help the crypto giant and the XRP coin, as well as the entire crypto sector, to go ballistic.
Gokhshtein had earlier stated that the high-profile case would conclude by December 15. He based his theory on something Charles Hoskinson had said in a recent YouTube session: ‘ask me anything.’ After this, reports circulated online that the settlement date could be December 15. Many XRP users began calling Hoskinson a liar. As a result, the founder of IOG and Cardano stated this week that he does not want to be involved in any debates about the Ripple case or XRP.
Both parties involved in the action, Ripple and the SEC, filed all relevant documents in early December, and the litigation is expected to go on a few months longer. Ripple CEO Brad Garlinghouse anticipates the issue to be resolved in the first half of 2023.
In December 2020, the SEC filed a lawsuit against Ripple for conducting $1.3 billion in securities offerings. The company is charged with breaching Sections 5(a) and 5(c) of the Securities Act of 1933. If the SEC wins the case, XRP will be treated as a security rather than a currency in the United States. This could start a chain reaction that leads to the reclassification of similar cryptocurrencies as securities.