Jimmy Vallee, the founder of Valhil Capital, wants $500 billion in compensation for investors who lost money because of the SEC’s lawsuit against Ripple.
When the SEC went after Ripple in December 2020, XRP’s price crashed by 75%, falling to just $0.17. Many crypto exchanges removed XRP from trading, leaving investors stuck.
Vallee believes that if the lawsuit had never happened, XRP’s price could have skyrocketed like Bitcoin and Ethereum. Now that the SEC has dropped the case, he says it’s time for XRP holders to get paid.
His company, Valhil Capital, has been working on this for a while. They’ve formed a group called the Crypto Justice Coalition, which includes more than 76,000 XRP holders.
These investors were involved in the early days of the Ripple lawsuit and were supported by attorney John Deaton. Deaton had previously fought for XRP holders in court by filing an amicus brief to represent their interests. Now, the coalition is pushing for what they see as fair compensation.
Vallee and his team argue that XRP should be worth between $8 and $10 today. If that were the case, XRP’s total market value would be around $500 billion, which is way more than its current $140 billion.
Crypto influencer Crypto Eri recently brought attention to Vallee’s efforts, hinting that more details on the payback plan could come soon.Â
However, Vallee has no plans to take this fight to federal court, at least for now. He believes the system is corrupt and doesn’t trust it to deliver justice. Instead, he and his team are looking for other ways to secure compensation.
Some believe John Deaton might be preparing a class action lawsuit against the SEC, but Vallee says his coalition will think carefully before joining.
Also Read: Ripple CEO Brad Says Crypto Can ‘Unlock the US Market’
