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Cryptocurrency News Articles
Elon Musk Acknowledges XRP and Cryptocurrency's Potential Amid Regulatory Scrutiny
Oct 22, 2024 at 10:30 am
Tesla and Spacex CEO Elon Musk addressed XRP and cryptocurrency during a town hall in Pittsburgh, acknowledging crypto's potential amid regulatory scrutiny.
During a town hall meeting in Pittsburgh, Tesla and Spacex CEO Elon Musk discussed XRP and cryptocurrency, highlighting crypto’s potential despite regulatory scrutiny. Musk emphasized the importance of cryptocurrency in promoting individual freedom and countering centralized control. XRP supporters were encouraged by his remarks, which highlighted crypto’s growing role in shaping future financial systems and innovation policies.
Musk Responded to a Question About XRP
Tesla and Spacex CEO Elon Musk shared his views on cryptocurrency and XRP during a town hall discussion in Pittsburgh Sunday.
When asked about the possibility of XRP Ledger integration in financial institutions, especially in light of the U.S. Securities and Exchange Commission (SEC) investigation, Musk stated:
I do think that cryptocurrency is an interesting and probably valuable bulwark against centralized control.
He clarified that his statement was not “an endorsement or lack of endorsement for XRP,” but emphasized that “I do think crypto by its very nature helps with individual freedom.”
Since December 2020, XRP has been the subject of a legal battle between Ripple Labs and the SEC. The SEC alleges that Ripple's sale of XRP constituted an unregistered securities offering, with the company raising $1.3 billion through these sales. Ripple maintains that XRP is a cryptocurrency, not a security, and thus falls outside the SEC's regulatory jurisdiction. The SEC recently filed an appeal against a 2023 ruling that favored Ripple Labs, seeking to overturn parts of the decision.
XRP supporters were encouraged by Musk's mention of XRP. Ripple CEO Brad Garlinghouse shared similar sentiments on the significance of cryptocurrency, especially XRP, in response to Musk's remarks on social media platform X:
Voters care about crypto — they care about XRP — it’s not a niche issue. They want real policies that drive innovation and create jobs.
Musk's involvement in cryptocurrency continues to be a topic of interest, especially given Tesla's and Spacex's substantial bitcoin holdings. Tesla recently transferred $765 million in bitcoin to new wallets, marking its first such move in two years. The company stopped accepting bitcoin for payments in 2021 due to environmental concerns, although Musk has indicated that payments may resume once mining becomes more sustainable. Musk maintains a strong interest in meme cryptocurrency dogecoin (DOGE) in addition to BTC. Tesla accepts dogecoin for select merchandise, and Musk's endorsements have consistently boosted the coin's value.
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- Sky Contemplates Return to Original Maker Brand Following Confusion and Negative Feedback
- Oct 22, 2024 at 04:15 pm
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