During a town hall in Pittsburgh, Tesla and SpaceX CEO Elon Musk mentioned XRP and cryptocurrencies, expressing his recognition of the potential of cryptocurrencies amid regulatory scrutiny. Musk emphasized the important role of cryptocurrencies in promoting individual freedom and fighting centralized control.
His comments were well received by the XRP community, demonstrating the growing importance of cryptocurrencies in shaping future financial systems and innovative policies.
When asked about the possibility of integrating XRP Ledger in financial institutions, especially amid the scrutiny from the US Securities and Exchange Commission (SEC), Musk stated:
“I think cryptocurrency is an interesting and potentially valuable bulwark against centralized control.”
He also stressed that his point is not “an endorsement or disapproval of XRP,” but rather “the nature of cryptocurrency is conducive to individual liberty.”
XRP is currently at the center of a legal battle between Ripple Labs and the SEC, which began in December 2020. The SEC alleges that Ripple sold XRP as an unregistered securities offering, raising as much as $1.3 billion. Ripple has consistently argued that XRP is a cryptocurrency, not a security, and therefore not subject to the SEC’s regulatory purview. The SEC recently filed an appeal challenging parts of the 2023 ruling in favor of Ripple Labs.
Reacting to Musk’s remarks, Ripple CEO Brad Garlinghouse emphasized the importance of cryptocurrencies, especially XRP, on social media platform X:
“The people who care about crypto — they care about XRP — it’s not just a small group. They want policies that actually promote innovation and create jobs.”
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