Cardano founder Charles Hoskinson has commended the XRP community for its resilience and perseverance throughout the SEC legal tussle against Ripple.
In a recent livestream, Cardano’s founder acknowledged the role XRP community members played in paving the way for the industry’s regulatory progress.
According to him, when the SEC sued Ripple, members of the XRP community did not plead for leniency or ask the regulator for more favorable treatment. Instead, they responded collectively as an ecosystem and faced the challenge head-on.
Ripple’s Victory Against SEC Boosts Industry Confidence
For context, the Ripple case originated from the SEC’s December 2020 lawsuit, which accused the company of violating U.S. laws through the sale of XRP. The lengthy legal battle saw Ripple spend over $150 million in legal fees. Members of the XRP community submitted key affidavits that contributed to the company’s partial court victory.
In a landmark ruling in July 2023, Judge Analisa Torres determined that Ripple’s programmatic XRP sales on digital exchanges did not constitute investment contracts. This ruling restored confidence across the crypto sector, particularly for other firms facing similar regulatory scrutiny.
Among them was Coinbase, which the SEC sued in June 2023, alleging that the exchange facilitated the trading of unregistered securities, including tokens such as Solana and Cardano.
Crypto Now on the Other Side of Regulatory Battle
Having endured years of regulatory scrutiny from the SEC, largely due to Ripple’s resilience and the XRP community’s efforts, Hoskinson emphasized that the crypto industry has now emerged on the other side of that regulatory battle.
Currently, industry stakeholders are participating in key discussions with policymakers on how to best regulate cryptocurrencies.
Last month, representatives from Ripple, Coinbase, Uniswap, Galaxy Digital, and Chainlink participated in a roundtable discussion with pro-crypto Senate Democrats on the Market Structure legislation. The proposed bill aims to clarify the respective roles of the SEC and CFTC in overseeing the digital asset industry.
Overall, Hoskinson stressed that the industry remains strong, having survived multiple enforcement actions brought by U.S. regulators.
Meanwhile, since reconciling with the XRP community, Hoskinson has praised the token’s founders and supporters for their authenticity and integrity. While he aims to offer XRP holders yield-bearing opportunities on Cardano, he recently enabled them to participate in the Midnight (NIGHT) airdrop.