Crypto’s Future in the US Relies on This: Experts

Crypto’s Future in the US Relies on This: Experts

Time Stamp: January 18, 2023 9:10 AM
Source Node: 1906179
  1. The final outcome of the Ripple case may determine the future of the crypto industry in the US, according to experts.
  2. Events related to the FTX collapse may influence the decision of the court.
  3. Fortunately, the crypto market is starting to recover despite waves of FUD.

The final outcome of the Ripple lawsuit may very well determine the fate of the crypto industry in the US, according to some experts. Given the trajectory of the court proceedings, it appears the wait will not be much longer. 

In detail, Brad Garlinghouse, Ripple’s CEO, can be recalled to have predicted that the court decision could come within the first quarter of this year. However, experts have started weighing in on whether Ripple will win or not.

For instance, Joseph Hall, a partner at Davis Polk & Wardwell, said that the events surrounding the FTX collapse may not help Ripple’s case. Hall, who worked at the US Securities and Exchange Commission (SEC) from 2003 to 2005 believes that the decision may lead more toward the SEC than toward Ripple.

He said:

“You just have to imagine that the judges will be influenced by the investor losses they’ve seen.”

Hence, Stuart Alderoty, Ripple’s General Counsel, assured that the outcome of the case will have a “significant impact” on crypto in the US.

Fortunately, the crypto market appears to be recovering despite waves of FUDs including the Covid-19 resurgence in China, increased volatility in various financial markets, and more. For instance, Bitcoin (BTC) finally exceeded $20,000 after months of being in the red. In fact, BTC is currently sitting at $21,346.43 per coin, according to CoinGecko.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.

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