Cover image via U.Today
Lawyer Jeremy Hogan, partner at Hogan & Hogan, who is a major Ripple supporter and closely follows the Ripple-SEC case, has taken to the X social media network (formerly known as Twitter) to share his comments on the demand recently made by the SEC on Ripple in court.
Hogan pointed out that this is yet another case of the SEC intending to work against its own oath to protect investors and their funds.
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SEC demands Ripple pays $2 billion in remedy
Hogan reminded the XRP community about the remedies demand in the amount of $2 billion made by the Securities and Exchange Commission recently on Ripple Labs. This enormous sum in fiat, per the SEC, would serve as relief, including injunctive relief, civil penalties and disgorgement of profits.
Besides, the regulator stressed that this fine would be a sort of compensation for the harm caused by Ripple’s operations to investors and financial markets.
Hogan pointed out that paying this mammoth-sized fine would make Ripple sell a great amount of XRP, "causing the price to drop, hurting the retail holder." Besides, he believes that the SEC "would then 'disgorge' that money back to rich 'institutional' holders." Hogan completed his tweet with a question for the XRP community regarding whether they feel “protected” by the SEC after this.
How backward has the SEC got this?It wants $2 billion from Ripple, which would require Ripple to sell a lot of XRP, causing the price to drop, hurting the retail holder (you).It would then "disgorge" that money back to rich "institutional" holders.Feel protected yet? pic.twitter.com/pjJPaH3wki
— Jeremy Hogan (@attorneyjeremy1) March 26, 2024
Ripple advocate John Deaton calls for SEC boss's resignation
Another vocal Ripple advocate, and now also a candidate for U.S. Senate in Massachusetts, John Deaton, has tweeted, calling for SEC chairman Gary Gensler to resign from his position.
Deaton reminded the community about the time when the Securities Exchange Act was created – 1934 – and the purpose of its launch: “investors got wiped out from the 1929 crash, the SEC was a good idea.” Stressing that the SEC’s overall positive impact on average Americans’ wealth was achieved thanks to equity markets, Deaton says that despite this, Congress and the SEC have failed to keep up with technological breakthroughs, such as blockchain and cryptocurrencies.
As a private citizen and as a Candidate for U.S. Senate in Massachusetts, I’m calling for the resignation of @SECGov Chairman @GaryGensler. Under Gensler, the SEC has forgotten, or intentionally abandoned, its primary mission in protecting innocent investors.
— John E Deaton (@JohnEDeaton1) March 26, 2024
They are still applying laws made in 1934 to digital assets, like Bitcoin, now. Crypto is now owned by 30% of Americans (93 million people), Deaton says, hinting that the SEC should radically change its approach to this asset class.
Sadly, securities laws enacted in 1933 have not been updated by Congress. That’s right, we apply 1930s and 1940s laws to modern day technologies like Artificial Intelligence and Blockchain technologies like #BitcoinThis has allowed unelected regulators like Gensler to “apply”…
— John E Deaton (@JohnEDeaton1) March 26, 2024
