January Walker’s recent remarks echo the degree of importance the broader crypto community assigns to the Ripple v SEC case.
United States politician and Congressional candidate January Walker recently highlighted the significance of Ripple defeating the United States Securities and Exchange Commission (SEC) in the ongoing litigation instead of going for a settlement. According to Walker, if Ripple settles, it spells a loss for the world and the Web3 scene. Walker is known for her advocacy for blockchain and cryptocurrencies, having called Cardano an efficient chain in September. Her comments came after the Cardano founder shared a rumor of Ripple’s settlement on Dec 15.
“If Ripple settles it will be a loss for the whole world & WEB3,” Walker remarked boldly in a tweet today as she weighed in on the 2-year legal tussle, which is nearing its endpoint. Walker’s comment comes barely a month.
If Ripple settles it will be a loss for the whole world & WEB3.
— January Walker (@UtahPolitician) December 12, 2022
Charles Hoskinson Responsible For Settlement Rumours
Cardano founder Hoskinson was again in the XRP community’s crosshairs as he shared rumors of a settlement date for the SEC vs. Ripple case.
“I’ve heard rumors that the Ripple case will be settled December 15,” Hoskinson said. “And we’ll just see, and that could have catastrophic implications for the industry, one way or the other.”
However, FOX Business reporter Eleanor Terrett has debunked these claims, tweeting, “It’s not true.”
Ripple CEO On Settlement
As reported by The Crypto Basic on Nov 22, Ripple Chief Executive Brad Garlinghouse revealed that the technology company is willing to settle with SEC if the regulatory watchdog is ready to clarify the status of XRP as a financial instrument.
A Ripple Victory Would Contribute to Regulatory Clarity
Despite not being directly affected, the broader cryptocurrency community has persistently highlighted the significance of a Ripple victory in the ongoing lawsuit, as this would bring hope to the majority of PoS assets at risk of being labeled securities by the SEC. A victory from Ripple can be referred to by any court of law to vindicate similar assets regarded as securities by the regulatory watchdog.
Walker’s recent comment underlines this reality, but she’s not alone in this regard, as fellow former U.S. Congressional Candidate and crypto proponent David Gokhshtein recently made similar remarks. According to Gokhshtein, the worst outcome of the case would be Ripple going for a settlement on the case, noting that he does not know if that will bring clarity to the industry. Recall that FOX reporter Eleanor Terrett recently debunked claims of a December 15 settlement of the case.
“We need Ripple to win this case and not settle,” Gokhshtein said in a tweet yesterday, as recently highlighted by The Crypto Basic. With the lawsuit ending, Gokhshtein has championed Ripple’s advocacy of late, calling for all cryptocurrency proponents to support Ripple, as it will be generally beneficial for the entire industry.
Last Friday, the 41-year-old founder of Gokhshtein Media asked all crypto enthusiasts to support Ripple in the lawsuit whether or not they are fans of XRP. According to Gokhshtein, a Ripple victory will bring favorable regulatory clarity to the crypto industry and bolster blockchain innovation.
Gokhshtein’s assertions have been occasionally echoed by several individuals within the crypto space, with the consensus on the matter being already established. The crypto industry in the United States remains largely unregulated, with a deficiency of regulatory clarity. Proponents have been calling for clarity to eliminate the regulation by enforcement cases carried out by the SEC.
Though the firstborn crypto bitcoin has been officially recognized as a non-security by SEC Chair Gary Gensler and others, most assets, especially PoS tokens, are at risk of being dubbed securities. The outcome of the Ripple v SEC case will go a long way in providing clarity on the status of these assets.
In September, the White House released its first-ever regulatory framework for the crypto industry. Notwithstanding, the framework did little to clarify how assets should be regulated. Consequently, several entities and individuals within the space condemned its content as inefficient.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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