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The positive Summary Judgment in Ripple Labs vs US SEC lawsuit has drawn comment and accolades from top personalities in the Web3.0 world including Cardano founder, Charles Hoskinson.
Cardano Founder Sees Win as One for the Industry
The Cardano founder believes the verdict from Judge Analisa Torres is a big win for the entire industry. Taking to his official Twitter Handle, Hoskinson shared a screenshot from the court which highlights the part in which Judge Torres said XRP as a digital token, is not in and of itself a “contract transaction or scheme” that conforms with the provisions of the Howey Test to be called an investment contract.
The highlighted part showed that Judge Torres highlighted every aspect of the transactions that make up the XRP operations and it determined the asset is not an investment contract. Elated, Charles Hoskinson said that the XRP lawsuit could be “one Small step for XRP Nation,” but it represents “one Giant leap for Cryptocurrencies.”
Well done XRP. One Small step for XRP Nation, one Giant leap for Cryptocurrencies! pic.twitter.com/WmuIg8Ccc6
— Charles Hoskinson (@IOHK_Charles) July 13, 2023
The accolade from Hoskinson is even more resounding, noting that the top crypto innovator has been a major critic of the XRP community. The freedom he had to congratulate the XRP community stems from a recent settlement he reached in which he made the move to bury the hatchet and pursue a common goal of fueling innovation in the industry.
XRP Win: a Probable Liberation for Cardano
While the Ripple vs SEC lawsuit is not completely over at this time, the current re-classification of the XRP coin can help any probable crackdown effort on Cardano by the market regulator.
Recall that the Securities and Exchange Commission tagged ADA as an investment contract when it sued Coinbase and Binance exchanges as reported earlier by Coingape. While the regulator has not directly filed a lawsuit against Hoskinson or Input Output Global over its perceived status of Cardano, the tag has forced a number of trading platforms to delist the cryptocurrency from their platform.
These exchanges include Robinhood, Bakkt, and eToro, a move which, if unchecked, can impact the availability of Cardano per liquidity in some of the most important markets in the world.
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