Advertisement
AD

Main navigation

"Nightmare Ripple-SEC Scenario" Described by Fox Business' Charles Gasparino

Advertisement
Fri, 6/01/2023 - 11:31
"Nightmare Ripple-SEC Scenario" Described by Fox Business' Charles Gasparino
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Advertisement

In his recent tweet, prominent journalist, blogger and panelist of Fox Business Charles Gasparino imagined what further damage to the crypto industry might follow should Ripple Labs lose the lawsuit against the U.S. securities regulator.

"Nightmare crypto scenario. Scary stuff"

Gasparino shared what he believes to be a "nightmare scenario" for the whole crypto space should Ripple giant lose its case to the SEC spearheaded by chairman Gary Gensler.

This scenario assumes that Ripple loses the lawsuit, first of all. Then, inspired by the victory, Gary Gensler would probably begin attacking Ethereum via court because of its ETH sales. This would cripple two "best technologies in crypto" as the journalist referred to them. The majority of cryptocurrencies in the market, he added, is not backed by anything. As for Bitcoin, Gasparino believes it to be built on outdated technology.

Only "Ripple and Ethereum are real," he added, "scary stuff."

Advertisement

At the moment, all eyes of the XRP community and the crypto space overall are on the lengthy lawsuit between the crypto giant and the regulator. The parties continue to file additional documents, their supporters submit their amicus briefs. Chief of Ripple Bradley Garlinghouse expects the settlement between the parties to happen in the first quarter of 2023.

Related

Gasparino offers reason for Ripple-SEC case

As reported by U.Today earlier, Charles Gasparino offered his 163,800 followers on Twitter to get acquainted with what he believes to be the actual reason that made the SEC regulator go after Ripple and XRP.

The main reason amid the current debacle of the FTX exchange and its founder Sam Bankman-Fried, who has been arrested for defrauding investors, is constant sales of XRP by Ripple despite the SEC's warnings.

He said that Ripple's management was flouting the authority of the regulator as it kept on selling XRP despite notices to stop that were coming from the SEC. As for the second biggest blockchain, Ethereum, Gasparino said that it "did possibly one sale and stopped. No case." He rushed to add that he was not taking sides, just reporting and explaining his take on the case.

According to a recent poll conducted by CryptoLaw founder John Deaton, who closely follows the case, the XRP community expects the case to be settled later this year, rather than it ends in a verdict. More than 15,000 people voted in the poll during the last week of December 2022.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD