The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is a significant legal case that has garnered a lot of attention in the cryptocurrency industry. At the heart of the lawsuit is the question of whether or not the cryptocurrency XRP, which was created and is sold by Ripple Labs, is a security subject to the SEC’s regulatory authority.
The XRP community is currently anticipating the ruling date as both parties have filed their final submissions. Here’s the most recent update on the case.
The XRP community is in support of a settlement.
Pro-XRP lawyer John Deaton commissioned a poll in advance of the decision asking the XRP community to share potential outcomes in the case. A majority, at 59.2%, thought the case would be settled between the two parties in the December 28 poll that received roughly 18,000 votes, while 40.8% chose the verdict option.
Will Gary Gensler Resign?
In a recent tweet, cryptocurrency enthusiast and content creator Ben Armstrong prophesied that 2023 will be the year the XRP lawsuit concludes and Gary Gensler, the head of the United States Securities and Exchange Commission (SEC), resigns.
According to Armstrong, Gary Gensler, the current head of the regulator, should be pressed to resign in the coming year. Similar requests were made earlier in the year on social media, even before the collapse of the cryptocurrency exchange FTX.
Gensler’s resignation has long been demanded by the public. The former Wall Street banker has been accused of corruption. The crypto community has regularly expressed its displeasure with Gensler. The SEC’s unwillingness to approve a spot Bitcoin ETF and Gensler’s repeated remarks on how digital assets should be regulated are mostly to blame for the frustration.
John Deaton, a pro-XRP activist and crypto lawyer, believes the case will be decided by a judge, rather than the pretrial settlement that many in the XRP community are hoping for. The possibility of crypto winning the lawsuit becomes dicier in the wake of such a result.
Deaton asserts that Gensler will not concede anything during the lawsuit and will not acknowledge that XRP is not a security. Such obstinacy could prove to be a significant impediment to a positive outcome for Ripple and XRP, not to mention Gensler’s resignation.
The lawsuit between Ripple Labs and the SEC has a lot of potential outcomes. However, only time will tell how the lawsuit is resolved.