MetaLawMan Criticizes the SEC’s Disgorgement Filling
SEC
JMS
CIN
- MetaLawMan criticized the SEC’s $876 million disgorgement filing against Ripple.
- Ripple opposed the SEC’s $1.95 billion penalty, calling it administrative overreach.
- Bill Morgan noted that sophisticated investors bound by confidentiality clauses did not suffer the financial harm claimed by the SEC.
Popular cryptocurrency attorney James Murphy, also known as MetaLawMan, has raised concerns about the SEC’s approach to filing a disgorgement against Ripple. Murphy’s reservation about the filing is mainly related to its application in the ongoing Ripple vs. SEC case. Disgorgement refers to the recovery of funds, which, according to both the SEC and U.S. Supreme Court rulings, are intended to compensate victims of Ripple’s financial misconduct.
In its filing against Ripple, the SEC proposed a total fine of $1.95 billion, including a disgorgement of $876 million, a $876 million civil penalty, and a prejudgment interest of $198 million. However, Ripple rejected the penalty, stating, “The SEC’s remedial requests are more evidence of the administrative overreach that has beset this case.”
Ripple’s legal representatives added, “The agency also seeks di…
The post MetaLawMan Criticizes the SEC’s Disgorgement Filling appeared first on Coin Edition.
