Charles Hoskinson says that he has heard rumors that Ripple’s lawsuit with the U.S. Securities and Exchange Commission (SEC) will come to a conclusion this week.
In a new ask-me-anything (AMA) session on YouTube, Hoskinson talks about what would happen if regulators declare Cardano (ADA) an unregistered security.
“There’s nothing in the history of Cardano that feels security-like, from the beginning to where it’s at today to the fact that the network is fully decentralized and so forth. I would believe that then Ethereum and Bitcoin would also be securities, and it would be a bigger debacle. And this is a problem with regulation through enforcement. There’s not much you can do. Just any given Sunday, it’s whoever the regulators decide to pick and theres a big fight, $100 million is spent [and] it’s brutal and vicious and a lot of hard feelings. Sometimes people win. Sometimes people don’t.”
Ripple was sued by the SEC in late 2020 under allegations that the firm sold XRP as an unregistered security. After nearly two years, Hoskinson says he has heard rumors that the lawsuit will finally end via a settlement in the coming days.
“I’ve heard rumors that the Ripple case will be settled December 15th. Let’s just see. That could have catastrophic implications for the industry, one way or the other. But you just keep moving forward. Regardless of what happens, it’s a decentralized ecosystem you guys control. The United States of America doesn’t get to say that Cardano lives or dies. You do. The world. That’s the point of decentralized ecosystems.”
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