Fox Business host shared “bloodbath scenario” for crypto community should SEC win against Ripple

By Selena On Jan 11, 2023

Charles Gasparino, a well-known journalist, and host of Fox Business, recently shared on Twitter his thoughts on the potential repercussions for the cryptocurrency industry, including exchanges, if the US regulator is successful in its lawsuit against Ripple Labs.

Bloodbath Will Take Place If SEC Wins Against Ripple: Scenario from Charles Gasparino

Here is what he expects will probably happen if the SEC beats the fintech juggernaut in court. He claims that all coins, excluding Bitcoin, will be affected. Gasparino anticipates that the SEC’s legal victory over Ripple’s defendants will likely negatively affect the whole cryptocurrency market, not just Ripple Labs and XRP.

He predicts that there will be a “bloodbath” among the crypto community. This specifically refers to the expansion of stringent regulation to all areas of the cryptocurrency industry, including the operation of cryptocurrency exchanges, which SEC Chairman Gary Gensler may desire to apply in that situation. According to Gasparino, he will compel registration for all cryptocurrencies other than the market leader, Bitcoin. On Tuesday, Fox Business covered a discussion of this idea.

BREAKING: #cryptocommunity sees a bloodbath if @SECGov prevails against @Ripple in the form of more regs/oversight that will impact nearly every sector including the exchange biz given @GaryGensler‘s desire to force registration of every coin but $BTC. We discuss now @FoxBusiness

— Charles Gasparino (@CGasparino) January 10, 2023

In a recent tweet, Gasparino outlined what he described as a “horror crypto scenario” that he anticipates would occur if Ripple were to lose in court. The Fox Business host at the time only suggested that Gensler might target Ethereum for its token sales and that the SEC would thereafter damage the “two best technology in crypto.” According to him, “only Ripple and Ethereum are real.” He referred to Bitcoin technology as “outdated

Recently, lawyer Jeremy Hogan, who has been following the long-running Ripple case against the regulator, also offered his opinion on the subject. When asked what might happen to XRP if the SEC legal team wins the case in court, he responded that he anticipates XRP to lose around 25% of its utility in this scenario.

Hogan said he thinks so because the United States, which accounts for about 25% of global economic activity, would probably outlaw the token. Regarding Ripple, Brad Garlinghouse claimed in an interview from 2021 that, if it lost, Ripple would only move from the United States to a country that was more welcoming to cryptocurrencies.

Rumors once circulated that the fintech giant was considering shifting its headquarters to the United Arab Emirates. Garlinghouse anticipates that the matter will be concluded in the first quarter of this year.

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