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Cardano Founder Reacts to Ripple Lawsuit Win: Details

Fri, 07/14/2023 - 12:20
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Tomiwabold Olajide
Charles Hoskinson reacts to XRP's big win
Cardano Founder Reacts to Ripple Lawsuit Win: Details
Cover image via U.Today

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Cardano founder Charles Hoskinson has praised Ripple CEO Brad Garlinghouse in the wake of the win in the Ripple-SEC lawsuit.

Hoskinson shared a GIF image that reads "well done," tagging the Ripple CEO on Twitter. In a separate tweet, Hoskinson praised the XRP community, saying, "Well done, XRP."

He added that one small step for the XRP Nation is one giant leap for cryptocurrency. As seen on CoinMarketCap, a host of cryptocurrencies, including Cardano (ADA) and Solana (SOL), which the SEC had hitherto labeled securities, were seeing significant price increases in the last 24 hours.

In his tweet, the Cardano founder highlighted a part of the ruling in which Judge Torres stated that while XRP is a digital token, it does not constitute a "contract transaction or scheme" that satisfies the requirements of the Howey Test to be referred to as an investment contract.

The Cardano founder also praised Ripple CTO David Schwartz by posting a GIF image of a man donning a hat.

The goodwill from the Cardano founder resonates with the seeming peace that now exists between the two communities.

As reported, Cardano founder Charles Hoskinson took a rare step to secure peace with the XRP community. Calling an end to previous hostilities, Hoskinson requested "peace" with the XRP community in a tweet.

Ripple lawsuit win

On July 13, Judge Torres, in the Ripple lawsuit, issued her Ruling on the Motions for Summary Judgment.

XRP Victory Boosts Stellar (XLM) by 54%, More to Come

Ripple General Counsel Stuart Alderoty gave a simple breakdown of the ruling: "A huge win today—as a matter of law, XRP is not a security. Also a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions—to developers, to charities, to employees—are not securities."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.