The legal showdown between Ripple Labs and the United States Securities and Exchange Commission (SEC) has been nothing short of intense. Following Judge Analisa Torres’s ruling that XRP is not a security, questions have arisen about the resources invested by both sides.
In a discussion with On The Chain LIVE, Jeremy Hogan was asked, “Is there a way to find out, maybe through a FISA request, how much of our tax dollars went towards the SEC vs. Ripple case? Is there any way to figure that out?”
According to Jeremy Hogan, a legal expert, while the SEC staff is salaried, it is possible to inquire about the expenses incurred for expert witnesses. Notably, the SEC paid a substantial amount for a particular expert witness who had his testimony struck down by the judge,
He said, “Everyone on the SEC side is salaried, so I think what you could find out is how much did they pay for their expert witnesses. You know, they paid a lot of money for that one expert witness who got struck by the judge. They probably paid that guy a hundred thousand dollars, and just like that, his opinion wasn’t even allowed.”
Hogan highlighted how Ripple spent a minimum of $150 million and possibly even more, considering the extensive legal team comprising approximately 23 lawyers.
He said, “I think upwards towards 200 million. They had like 23 lawyers, I mean it was insane. I think they had a second law firm that was working on the sub issue.”
One of the most surprising elements of the case was the unpredictability of the judge’s ruling. The outcome stunned Ripple, the SEC, and the entire crypto community. Hogan emphasized that the American Judicial System operates in a way that no one can foresee how a judge will rule.
Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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