Elon Musk, the billionaire tech expert, CEO of Tesla, and owner of Twitter, recently expressed his approval of a podcast discussing Ripple and its victory against the US Securities and Exchange Commission (SEC) in the XRP case.
Recall that Ripple Labs recently achieved a significant legal victory in its long-standing battle against the SEC over the status of XRP. This news reverberated throughout the cryptocurrency community and garnered attention from influential figures.
Read Also: Ripple Discussed Adoption of Crypto and XRP Utilities With the UK Government: Details
Musk’s Positive Reaction
Elon Musk reacted positively to an episode of The All-In Technology podcast that touched on Ripple’s recent win against the SEC. Musk’s response was concise, stating “Good podcast” in a quote-tweet of the podcast.
As expected, Musk’s effect made the podcast garner millions of views.
Good podcast https://t.co/qymEsHk2wo
— Elon Musk (@elonmusk) July 20, 2023
The All-In Podcast Discussion
The podcast episode featured industry veterans Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg discussing Ripple’s legal success and the SEC’s handling of XRP’s security status.
During the discussion, the participants delved into the details of the court ruling, emphasizing that while Ripple’s sale of XRP to sophisticated investors violated securities law, the sales of XRP on public crypto exchanges were not considered securities transactions, representing a groundbreaking victory.
Impact on XRP Price
The court’s verdict had an immediate impact on XRP’s price, causing it to surge by over 87% within hours. Crypto enthusiasts and investors celebrated this victory. It is worth noting that the SEC had previously accused Ripple and its executives of conducting an unregistered security offering amounting to $1.3 billion.
However, the podcast presenters highlighted that the court ruling clarified that the sales of XRP on public exchanges did not meet the criteria for an investment contract under the Howey test. Buyers did not have a reasonable expectation of profit tied to Ripple’s efforts.
Read Also: Ripple Discussed Adoption of Crypto and XRP Utilities With the UK Government: Details
Elon Musk’s Influence
Elon Musk’s recognition of the podcast’s discussion added to the excitement surrounding the case. His quote-tweet attracted over 17 million views to the podcast, further amplifying the message. Ripple’s CEO, Brad Garlinghouse, also expressed his delight following the court’s decision, emphasizing that XRP’s status is no longer a litigation matter.
Reinstatement on Crypto Exchanges
In response to the court ruling, major crypto exchanges that initially delisted XRP due to the SEC’s actions have since relisted the digital asset. This development signifies increased confidence in XRP following Ripple’s legal triumph.
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