A viral video features CNBC’s “Mad Money” host Jim Cramer telling SEC Chair Gary Gensler that the SEC lost the Ripple case. During a CNBC interview on June 5, Cramer bluntly stated, “The SEC vs. Ripple Labs… You lost that one,” sparking mixed reactions within the XRP community.
Mixed Reactions From The XRP Community
As the video circulated, the XRP community expressed varied opinions. Some enthusiasts praised Cramer for his bold remarks, while others saw his comment as potentially “bad” news for XRP holders. Cramer, known as “Inverse Cramer” in the crypto space, often sees outcomes opposite to his predictions. For instance, Bitcoin’s price surged after he predicted its decline.
Given his track record, top crypto stakeholders have advised investors to do the opposite of what Cramer recommends. Thus, whenever Cramer issues a bullish signal, market participants humorously interpret it as a sell signal. Following Cramer’s recent comments, XRP enthusiasts hope the SEC does not ultimately prevail against Ripple.
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Current Status of SEC v. Ripple Lawsuit
Meanwhile, the SEC v. Ripple case nears its conclusion. U.S. District Judge Analisa Torres has already delivered a summary judgment in July 2023, granting partial victories to both parties. She ruled that institutional sales of XRP were investment contracts, but Ripple’s programmatic sales and other distributions did not violate securities laws.
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However, the court still needs to resolve two crucial matters: the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted relevant motions, and the court’s decision could come at any time.
Prominent Figures Weigh In
Prominent crypto enthusiasts like Amelie and Abdullah “Abs” Nassif, host of the Good Morning Crypto podcast, have shared the interview excerpt on social media. Their engagement highlights the significant impact of Cramer’s comments within the crypto community.
As the case progresses, the XRP community remains attentive to any developments. Cramer’s remarks have undoubtedly added another layer of intrigue to the ongoing legal battle between the SEC and Ripple Labs.
