Elon Musk Makes First Mention of XRP in Viral Video, Emphasizes Role of Cryptocurrencies in Promoting Freedom
Elon Musk, the CEO of Tesla and owner of X (formerly Twitter), recently spoke about XRP and its potential role in the global financial system. In a viral video, Musk was asked about the integration of XRP Ledger into the financial system, considering the U.S. Securities and Exchange Commission’s stance on cryptocurrencies.
Musk responded by expressing his belief in the value of cryptocurrencies, including XRP. He highlighted how digital assets can counterbalance the centralized control of the financial system and support personal freedom. However, he clarified that his comments should not be seen as an endorsement or disapproval of any specific asset, including XRP.
The cryptocurrency community had mixed reactions to Musk’s response. Some noticed his discomfort when questioned about XRP, while others believed he carefully chose his words. Comparisons were drawn to SEC Chair Gary Gensler’s evasive answers about Ethereum’s status as a security. Some speculated that Musk’s silence on XRP hinted at undisclosed plans for the token in the future financial market.
Meanwhile, Ripple, the company behind XRP, continues its legal battle with the SEC. The SEC filed a lawsuit in 2020, accusing Ripple of conducting securities sales of XRP. Ripple initially won the case in 2023, but the SEC appealed, prolonging the legal proceedings. Despite Musk’s lack of comment, the XRP community remains dedicated to advocating for the token’s non-security classification, with enthusiasts actively supporting Ripple on social media platforms.
While this is the first time Musk directly mentioned XRP, he previously commented on Ripple in response to news of the SEC sharing drafts of former SEC Director William Hinman’s Ethereum speech with Ripple’s legal advisors in October 2022.