Chia Network CEO Gene Hoffman thinks Ripple may lose its ongoing legal battle against the SEC.
The rise in the crypto money market continues to gain strength with the effect of news flows. Many crypto projects have managed to gain strong momentum with the flow of news behind them. In this context, the pricing of Ripple as a result of its ongoing lawsuit against the SEC is one of the most curious issues. However, Chia Network CEO Gene Hoffman stated that Ripple may lose its legal battle against the SEC for years.
Hoffman Thinks Ripple Could Lose
Chia Network CEO Gene Hoffman stated in his post on Twitter that Ripple could lose the legal battle against the SEC.
A user on Twitter asked Hoffman an interesting question. The user’s question included SEC Chairman Gary Gensler’s approach to cryptocurrencies. Gensler’s launch of cryptocurrencies other than Bitcoin as securities has come under the close branding of the community.
Curious about Chia’s attitude towards this situation, the user received a sensational response from Hoffman. Hoffman noted that Chia’s token, XCH, is not a security and the company plans to register Chia equity. Unlike those who avoid it, Hoffman believes it’s the most obvious way to be legal.
Matt Hamilton, who was included in this discussion, stated that Ripple also realized the equity registration, but could not escape the pressure of the SEC. Responding to Hamilton, Hoffman stated that Ripple sold XRP before registering its shares, and this was a mistake.
Hoffman added that if there is no token sale, it cannot be considered a security. He also revealed that the Chia company owns XCH but has never sold any tokens.
In the midst of all this discussion, Hoffman said he would not be surprised if Ripple was considered a security due to the sale of XRP. Chia CEO underlined that the SEC can win the case.
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