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Contents<\/p>\n
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- “XRP would lose part of its utility”<\/a><\/li>\n
- What else may happen if Ripple loses?<\/a><\/li>\n<\/ul>\n<\/div>\n
Attorney Jeremy Hogan<\/a>, partner at Hogan & Hogan\u00a0who closely follows the legal battle between Ripple and the U.S. securities regulator, has taken to Twitter to share his take on what outcome\u00a0XRP may face for Ripple globally should the case be lost.<\/p>\n
Here’s what he thinks is the likely consequence.<\/p>\n
“XRP would lose part of its utility”<\/h2>\n
Hogan’s tweet came as a reply to a post by Michelle Nightengale, who is CEO of Global Institute of Wellness Entrepreneurs and author of Boost Business Online. Nightengale tagged several Twitter users, including Hogan, founder of CryptoLaw John Deaton and lawyer James Filan \u2014\u00a0all of them are following the Ripple case closely, often sharing materials related to it and their comments on\u00a0them with their subscribers.<\/p>\n
Michelle Nightengale decided to pick their brains\u00a0to find out what\u00a0damage may actually happen should the judge classify XRP as an unregistered security as claimed by the SEC. She reminded them\u00a0that when this possibility was discussed with Ripple chief Garlinghouse, he stated that Ripple would move outside the U.S.<\/p>\n
Hogan has so far been the only one who responded from the list mentioned above. He reckons that in that case, XRP would likely lose 25%\u00a0of its utility, since the U.S. provides 25%\u00a0of global economic activity.<\/p>\n
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The U.S. accounts for 25% of world economic activity so, as a rough guesstimate, XRP would 25% of its utility. ?<\/p>\n
\u2014 Jeremy Hogan (@attorneyjeremy1) January 9, 2023<\/a><\/p><\/blockquote>\n
What else may happen if Ripple loses?<\/h2>\n
Many in the crypto community believe that Ripple is now fighting for\u00a0the crypto space. Therefore, if Ripple happens to lose to the SEC, this would impact the crypto industry in the U.S. negatively, not to mention the XRP price, which fell hard after the lawsuit began in late December 2020.<\/p>\n
As reported by U.Today recently, leading journalist at\u00a0Fox Business Charles Gasparino shared his “nightmare scenario”<\/a>\u00a0for crypto should the community see Ripple get beaten in court.<\/p>\n
He tweeted that in that case, the regulatory agency might go further to get the crypto space under control and “will probably target Ethereum for its sales,” thus destroying “the two best technologies in crypto.”<\/p>\n
Last year, Ripple’s Brad Garlinghouse stated in an interview that he believes the settlement would be reached this year, during the first quarter of it. Many respondents in the Twitter poll run recently by the CryptoLaw founder\u00a0believe that, as more than half of them voted for this option.<\/p>\n<\/div>\n
- What else may happen if Ripple loses?<\/a><\/li>\n<\/ul>\n<\/div>\n