Elon Musk, renowned entrepreneur, CEO of Tesla, and owner of Twitter, shows approval to a podcast discussing Ripple and XRP’s victory against the US SEC.
Ripple Labs recently achieved a near-complete victory in its multi-year legal battle against the US Securities and Exchange Commission (SEC) over the status of XRP. The news sent shockwaves through the crypto community and beyond, garnering significant attention from influential figures.
Musk Reacts to Ripple Victory
Yesterday, billionaire and CEO of Tesla Elon Musk reacted positively to an episode of The All-In Technology podcast that, among other topics, discussed Ripple’s recent win against the SEC.
Specifically, Musk noted, “Good podcast,” quote-tweeting the podcast.
Good podcast https://t.co/qymEsHk2wo
— Elon Musk (@elonmusk) July 20, 2023
The All-In Podcast
The episode featured industry veterans Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg dissecting Ripple’s triumph over the SEC regarding XRP’s security status.
During the podcast, the participants delved into the details of the court ruling. They highlighted the US District judge declaring that while Ripple’s sale of XRP to sophisticated investors violated federal securities law, the sales of XRP on public crypto exchanges did not involve securities.
Notably, the verdict sent the price of XRP soaring by over 87% in a matter of hours as crypto enthusiasts and investors celebrated the victory. Recall that the US regulator had accused Ripple and its executives of conducting an unregistered security offering that amounted to $1.3 billion.
However, as the podcast presenters highlighted, the court’s ruling clarified that sales of XRP on public exchanges did not meet the criteria for an investment contract under the Howey test, as buyers did not have a reasonable expectation of profit tied to Ripple’s efforts.
Elon Musk’s recognition of the podcast’s discussion added to the excitement surrounding the case as he attracted over 17 million views to the podcast. Previously, Brad Garlinghouse, Ripple’s CEO, expressed his delight following the court’s decision. As The Crypto Basic reported, Garlinghouse said XRP’s status is no longer a litigation matter.
It is worth mentioning that major crypto exchanges that initially delisted XRP due to the SEC have relisted the digital asset following the court ruling, as The Crypto Basic reported.