HomeCrypto NewsMarketCrypto Community Does Not Want A Ripple Settlement - Here's Why

Crypto Community Does Not Want A Ripple Settlement – Here’s Why

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While a settlement could bring clarity to XRP, it still leaves the rest of the crypto market in regulatory uncertainty.

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The crypto community in recent days has made it clear that it does not want a Ripple settlement with the US Securities and Exchange Commission in light of recent rumors of an imminent settlement.

Cardano founder Charles Hoskinson in a surprise ask me anything (AMA) session on December 10, let slip that he heard a rumor that Ripple will settle with the SEC on December 15. As reported by The Crypto Basic, FOX Business reporter Eleanor Terrett has debunked these rumors citing sources close to the case. 

Nonetheless, it has not stopped online discussions about the potential impacts of a settlement in the case between Ripple and the SEC. Notably, there is a consistent theme in the push against a Ripple settlement. Crypto community members believe that in the case of a settlement, the SEC would feel no obligation to provide regulatory clarity for the rest of the industry, even if it provides clarity for XRP.

It bears mentioning that Ripple chief Brad Garlinghouse had previously asserted that Ripple would not settle unless the SEC provided clarity for XRP.

Hoskinson, who triggered the speculations in his AMA, asserted that it “could have catastrophic implications for the industry.”

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Former UTAH congressional candidate January Walker in a tweet on December 12, said that a settlement would be “a loss for the whole world & WEB3.” According to the pro-crypto politician, it could set a bad precedent for how world governments treat crypto as she called for “right legislation.”

Gokhstein media founder David Gokhstein asserted that settlement was the worst possible outcome. According to Gokhstein, the SEC is unlikely to provide regulatory clarity for the rest of the industry. “We need Ripple to win this case and not settle,” tweeted Gokhstein.

Some in the XRP community believe it is selfish of the crypto industry to use Ripple as a battering ram to achieve its goal of clear crypto regulations in the US, especially as they feel they previously received little support.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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