Dan Gambardello, founder of Crypto Capital Venture, has expressed optimism about the future recovery of cryptocurrencies, basing his prediction on the positive outcome of Coinbase’s lawsuit against the U.S. Securities and Exchange Commission (SEC). He reminded that the SEC had sued Coinbase last summer for allegedly offering trading services with unregistered securities, including Solana (SOL), Cardano (ADA), and Polygon (MATIC).
The court hearing between Coinbase and the SEC, which Gambardello refers to as the biggest deal in crypto, is scheduled for January 17, 2024. This hearing will include oral arguments regarding Coinbase’s motion to dismiss the allegations.
Gambardello pointed out that XRP‘s price surged after Judge Analisa Torres ruled last summer that Ripple’s secondary sale of XRP did not constitute an investment contract offer, nearly doubling its market value. He predicts similar gains for Cardano’s ADA if Coinbase prevails in the case.
American attorney James Murphy, using the MetaLawMan handle, discussed the upcoming hearing, outlining four possible scenarios, one of which involves Coinbase’s motion being prejudicially granted, potentially leading to the case’s dismissal. He noted that the judge is unlikely to make a decision at the hearing but may provide hints through questioning.
John E Deaton, an American lawyer representing thousands of XRP investors against the SEC, claimed last year that Coinbase had more than a 50% chance of winning at the District Court level, with chances exceeding 80%.