Elon Musk is a name on the agenda in the crypto money world, especially with his twitter shares. It has been attracting attention with its different explanations lately. After Dogecoin support, he made a statement for an altcoin. Let’s look at the details.
Important statements from Elon Musk
Elon Musk, the famous entrepreneur, CEO of Tesla and owner of Twitter, recently expressed his opinion on a podcast episode. Elon Musk spoke here about Ripple’s significant legal victory over the US Securities and Exchange Commission (SEC) regarding the status of XRP.
Ripple Labs emerged with a nearly complete victory from its long legal battle with the SEC over the classification of XRP. The news didn’t just create ripples within the crypto community. It also attracted the attention of influential figures outside the field.
Elon Musk reacted positively
Billionaire Elon Musk took to Twitter to express his positive reaction to The All-In Technology podcast episode about Ripple’s recent legal victory. Musk backed it up with a quote-tweet, “Good podcast.”
Good podcast https://t.co/qymEsHk2wo
— Elon Musk (@elonmusk) July 20, 2023
There were experienced names of the industry on the podcast. These names are Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg. He covered the intricacies of Ripple’s victory over the SEC’s claims regarding XRP’s security status.
Court decision explanations
During the podcast, participants highlighted the important details of the court decision. Specifically, the US District judge concluded that Ripple’s sale of XRP to sophisticated investors may have violated federal securities law, but that the sale of XRP on public crypto exchanges did not include securities.
After the decision, the price of XRP experienced an impressive increase of over 87% within hours. The court’s clarification has sparked joy among crypto enthusiasts and investors. The SEC accused Ripple and its executives of making an unregistered security offering, allegedly worth $1.3 billion.
The influence of Elon Musk and the reaction of Ripple CEO
Elon Musk’s admission of the podcast’s controversy only heightened the excitement surrounding the lawsuit. It also drew more than 17 million views to the episode. Earlier, Brad Garlinghouse, CEO of Ripple, suggested that XRP’s status is no longer a matter of litigation. He also expressed his satisfaction with the court’s decision.
In particular, major crypto exchanges that initially delisted XRP due to the actions of the SEC have started to take action. Accordingly, it re-listed the digital asset following the court’s decision. With the support of Elon Musk and the court’s positive decision, Ripple’s legal victory triggered a frenzy in the XRP community. On the other hand, he further highlighted the ongoing intersection between cryptocurrency and mainstream interest.
