With the beginning of a new week, multiple rumors have started to come out involving different crypto segments, products, and services.
The cryptocurrency industry is used to such rumors so it does not most of them. However, there is one rumor that has the entire cryptocurrency community talking about it.
Settlement Rumors between Ripple and SEC
Currently, the hottest topic among the crypto communities is the Ripple-SEC lawsuit. The lawsuit has been going on between Ripple Labs and the US Securities and Exchange Commission since December 2020.
It is rumored that the lawsuit is finally going to end as both sides have decided to settle the matter. There is news circulating everywhere that both sides are in talks with each other to reach a common ground.
This means that both sides may proceed with settling the lawsuit where none of the sides would be held guilty. This way, both entities can settle the matter without having to blame each other.
Although these are just rumors they have the entire cryptocurrency industry talking about it. The cryptocurrency communities have taken the discussion over to Twitter.
The social media platform is filled with loads and loads of threads about the same topic. People want clarity on the matter and until they do, more speculations will keep coming in.
Settlement is to Take Place by December 15
Even if there was a possibility of the rumor losing its traction, the founder of Cardano has issued a statement that has worked like fuel to the matter.
Charles Hoskinson, the founder of Cardano has also backed the claim that there is indeed a discussion of a settlement between both sides.
It was during Charles Hoskinson’s December 10, ask-me-anything (AMA) session on Twitter that he was asked about the future of the lawsuit between Ripple and SEC.
Hoskinson responded by claiming that there are reports of a settlement deal being discussed between both sides.
If the reports are true, then a settlement may be announced from either side as early as December 15. Hoskinson added that he has also heard rumors but they are from very credible sources.
Still, he would not be so sure to trust the rumors until they actually materialize and something like this happens.
Rumors are Unsubstantiated
Just as the rumors were spread, all major reporting and analytical firms from the crypto industry started to hunt for any kind of proof.
They wanted to confirm if the rumors have any truth to them. However, they have not been able to collect any substantial evidence pertaining to the rumors pointing toward an actual settlement.
People are Still Talking
Even though not much is known about the news, still, it is being discussed across the board. January Walker, a former US congressional candidate, and a pro-crypto has also talked about the rumors.
As per her, January Walker must not go for a settlement because it has a stronger case against the US SEC. The blockchain firm has all the support and evidence in its defense to help it win the case.
Therefore, Ripple must not go for a settlement because if it does, it would suggest that the platform was partially responsible.
This would result in a major letdown of the cryptocurrency industry, especially Web3 technology. Ripple has been working on Web3 technology with multiple countries including Japan and the US.
If the company goes for the settlement, it would mean it knew it was a mistake offering XRP to the US locals. This would snatch away the credibility of the network and cause a major collapse in the industry.
Suggestions from the Crypto Community
The cryptocurrency community is also backing January Walker as they want Ripple to keep standing its ground against the US SEC.
There is a high chance that the court approves Ripple’s motion for summary judgment and the company wins its case against the US SEC by January of 2023.
When that happens, Ripple Labs will have proven its innocence and proved that the US SEC was wrong. This way, the trust level may surge significantly in Ripple, causing its native token (XRP) to pump.