John Deaton, an attorney who supports XRP, makes new assumptions about the next phase of the legal battle between Ripple and the SEC.
In the SEC v. Ripple litigation, attorney John Deaton, who is representing thousands of XRP investors, has made new assumptions about the remedies phase of the case.
Attorney Deaton said in a recent tweet that the Securities and Exchange Commission is so ashamed and furious that it is demanding $770 million in compensation from Ripple.
SEC’s $770M Demand from Ripple: A Closer Look at Details,SEC’s $770M Demand from Ripple: A Closer Look at Details
$770 million worth of unregistered securities were sold by Ripple.
Notably, the real value of XRP Ripple sold to institutional investors is the $770 million that Deaton claimed. Remember that the court declared in July that federal securities laws were broken by Ripple’s institutional sales?
The court has mandated that the parties submit a briefing schedule for the remedies stage as a result. The parties have until November 9, 2023, in accordance with the ruling, to suggest the briefing schedule.
In the event that the parties are unable to agree upon a mutually agreeable time, they will jointly request that the court set a time for the briefing.
Ripple Will Significantly Lower the Fine
It’s interesting to note that he predicted Ripple would take big action to significantly lower the $770 million punishment that the SEC is requesting. Deaton claims that the blockchain startup would make an effort to exclude salary and other acceptable business expenditures, as well as On-Demand Liquidity (ODL) sales of XRP.
According to the legal expert, Ripple may invest millions of dollars to try to lower the $770 million that the SEC is requesting.
LBRY Reduced SEC Requests
The attorney for XRP recounted how, in the course of the lawsuit’s remedies phase, LBRY subdued the SEC’s demand. According to Deaton, LBRY was asked by the SEC to pay $23 million for selling investors unregistered securities.
Nevertheless, the LBRY court determined that the blockchain corporation must pay a fine of $130,000 following eight months of remedial procedures.
SEC’s $770M Demand from Ripple: A Closer Look at Details,SEC’s $770M Demand from Ripple: A Closer Look at Details,SEC’s $770M Demand from Ripple: A Closer Look at Details, Ripple coin Crypto news, Ripple coin News