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Ripple Lawsuit News: XRP Community Seeks Massive $500 Billion Restitution After SEC Fallout
A prominent figure in the cryptocurrency community is urging the XRP community to demand massive compensation from regulators after a tumultuous fallout with the Securities and Exchange Commission (SEC). Jimmy Vallee, founder of Valhil Capital, has sparked controversy by calling for a staggering $500 billion restitution, claiming that the SEC’s 2020 lawsuit against Ripple had devastating consequences on the market.
Vallee believes that if the SEC hadn’t interfered, XRP’s price could have potentially exceeded its previous all-time high of $3.84 and reached as high as $10 today. He argues that this missed opportunity has resulted in a significant loss for thousands of XRP holders who have been impacted by the market downturn.
To alleviate these losses, Vallee has launched the Crypto Justice Coalition, aiming to secure financial compensation for affected individuals. According to him, over 76,000 XRP holders, represented by attorney John Deaton during the Ripple case, should be eligible for a portion of the proposed $500 billion restitution.
Following the SEC’s decision to drop its lawsuit against Ripple, the call for compensation has gained fresh momentum. Vallee is currently exploring alternative legal routes and potential negotiations with regulators to resolve the issue.
The proposal for a massive $500 billion restitution stems from the significant market opportunities lost due to the SEC’s actions. Currently, XRP’s market cap is around $140 billion, but if its price had followed Vallee’s projection of $8 to $10 per token, the market cap would have surpassed $500 billion.
It remains to be seen whether Vallee’s proposal will gain traction with regulators and stakeholders in the cryptocurrency space. However, his initiative has undoubtedly sparked a heated debate within the XRP community, with many investors seeking clarity on potential compensation options.
As this story continues to unfold, one thing is clear – the ripple effect of the SEC’s actions has far-reaching implications for thousands of investors who are now left wondering about their financial future in the crypto market.
Source: https://coinpedia.org/news/ripple-lawsuit-news-xrp-community-seeks-massive-500-billion-restitution-after-sec-fallout/
