Kain Warwick, who is the founder of Synthetix, feels strongly about the fact that the XRP verdict is extremely encouraging for the entire crypto scenario. He shared his viewpoint via an interview conducted at ETHCC in Paris, wherein he stated that this turned out to be a judgment that he could not have fathomed in any way.
The DeFi crypto community, as well as he himself, could not have ever imagined such a ruling to be passed in favor of XRP by the honorable court. Though they strongly believed that there were certain angles to the case made out by the SEC that never seemed right, they held back and kept their opinion to themselves. However, such an outcome was just not expected.
All of this was in relation to the lawsuit filed by the Securities and Exchange Commission against Ripple Labs. In his judgment, the judge made it amply clear that the selling of XRP to institutional investors is indeed an illegal act of securities sale, but not in the case of programmatic selling on exchanges, which is completely above board.
Warwick further went on to add that the full inference behind this temporary win has not yet been totally absorbed by the crypto community. For the moment, there is an enormous amount of relief for them all, but the attitude should be one of wait and watch. He feels one should not jump the gun.
Where Synthetix is concerned, it plays the role of a decentralized off-shoot trading protocol, having deposits to the tune of over $487 million on Ethereum, as well as the Optimism Layer 2 network.