The founder of Crypto Capital Venture, Dan Gambardello, has expressed his belief that cryptocurrencies could significantly recover in the near future. He bases his prediction on the positive outcome of the lawsuit filed by Coinbase against the United States Securities and Exchange Commission (SEC).
The Future of Cryptocurrencies
Gambardello reminded that last summer, the regulator filed a lawsuit against the company, accusing it of offering trading services with securities that were alleged to be unregistered and in violation of several laws, including Solana (SOL), Cardano (ADA), and Polygon (MATIC). The court hearing between the two parties, which Dan Gambardello calls the biggest deal in crypto, will take place on January 17, 2024. This hearing will include oral arguments regarding Coinbase’s motion to dismiss the allegations.
Gambardello noted that the price of XRP had risen sharply and that the market value nearly doubled last summer after Judge Analisa Torres decided that Ripple’s secondary sale of XRP did not constitute an offer of an investment contract. Therefore, he predicts that if Coinbase wins this case, Cardano’s ADA could also achieve similar gains. The senior analyst stated:
I’m using the XRP movement to make sense of it; we are over a dollar or just near a dollar. We are at a very good time for this case to finally be resolved.
The Coinbase Effect on Ripple
American attorney James Murphy, using MetaLawMan, also referred to the upcoming hearing and presented four possible scenarios. One of the options is the prejudicial acceptance of Coinbase’s claim, which could result in the dismissal of the case. The expert stated:
The judge will almost certainly not make a decision at the hearing. However, it is possible that she may leave some clues with her questioning.
American attorney John E Deaton, representing thousands of XRP investors against the SEC in a lawsuit, claimed last year that Coinbase had a better than 50% chance of winning at the District Court level and that it was over 80%.
