Elon Musk Makes Debut Mention of XRP in Viral Video
In a recent viral video, Elon Musk, the CEO of Tesla and owner of X (formerly Twitter), made his first-ever mention of XRP, highlighting the role of cryptocurrencies in promoting freedom from centralized control. When asked about the potential integration of the XRP Ledger into the global financial system, Musk sidestepped the question, acknowledging the U.S. Securities and Exchange Commission’s skepticism towards cryptocurrencies.
Musk took a broad stance on cryptocurrencies, including XRP, emphasizing their value in counterbalancing the centralized power of the financial system and supporting personal freedom. However, he did not give a direct opinion on XRP, despite its status as one of the largest cryptocurrencies by market capitalization.
While Musk clarified that his remarks were neither an endorsement nor a disapproval of XRP as a digital asset, the crypto community responded with mixed opinions. Some interpreted Musk’s discomfort during the question as a sign of surprise, while others believed he carefully crafted his response. Comparisons were drawn to SEC Chair Gary Gensler’s evasive answers regarding Ethereum’s status as a security.
The mention of XRP comes at a time when Ripple, the company behind the token, is still engaged in a legal battle with the SEC. The regulatory body filed a lawsuit against Ripple in 2020, alleging securities sales of XRP. Although Ripple initially won the case in 2023, the SEC’s appeal has prolonged the litigation. Despite Musk’s silence, the XRP community remains undeterred in its support for the token, particularly after the SEC’s formal appeal. Ripple intends to file its cross-appeal soon, as the company continues its fight to establish XRP as a non-security.
While this marks Musk’s first direct mention of XRP, he has previously commented on Ripple. In October 2022, Musk responded to reports that the SEC shared drafts of former SEC Director William Hinman’s Ethereum speech with Ripple’s legal advisors.