ProXRP Attorney Affirms SEC Did Not Reduce 2 Billion Claim to 102 Million in Ripple Lawsuit

Renowned attorney Jeremy Hogan clarifies misunderstandings surrounding the recent SEC brief in the Ripple lawsuit, emphasizing that the regulator has not reduced its $2B demand to $102M.
It is important to note that Ripple used the TerraForm Labs’ (TFL) settlement as a basis for arguing for a $10M penalty. Ripple pointed out that the percentage difference between TFL’s $420M civil penalty and their $33B in gross sales is approximately 1.27%.
In response, the SEC disagreed with this argument, stating that Ripple should also consider TFL’s civil penalty and disgorgement of $3.58B. By comparing the difference between the civil penalty and disgorgement in the TFL case, the SEC calculated a ratio of 11.7%.
By applying this 11.7% ratio to the $876.3M in disgorgement that the SEC is seeking in the Ripple case, it was determined that the civil penalty should be $102.6M instead of the proposed $10M fine.
Pro-XRP Lawyer Clarifies Misunderstanding
After the SEC’s presentation, some XRP supporters speculated that the SEC had lowered its initial $2B demand to $102.6M. In response, Attorney Hogan addressed this misconception, clarifying that the SEC is not requesting a $102M fine.
The pro-XRP lawyer explained that the SEC simply used a comparative legal approach based on Ripple’s argument in the TFL settlement to arrive at the potential penalty of $102M.
Additionally, Attorney Hogan reiterated his previous prediction about the lawsuit, suggesting that the court may impose a fine of $100M on Ripple and institute a permanent injunction on institutional sales of XRP.
Top Attorney Shares Similar View
Supporting Attorney Hogan’s analysis, Australian lawyer Bill Morgan expressed a similar opinion in a recent post. Morgan stated that the SEC’s brief had been misinterpreted as indicating a reduction of its $2B demand to $102M.
The top lawyer accused certain XRP influencers of spreading this false narrative about the SEC’s demands.
The XRP community is now eagerly awaiting the court’s final decision, which could potentially bring an end to the long-running lawsuit at the District Court level. It remains to be seen if any of the parties involved will appeal the decision in the Second Circuit.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.