A video featuring CNBC’s “Mad Money” host Jim Cramer confronting SEC Chair Gary Gensler about losing the Ripple case has sparked a range of reactions among the XRP community.
In the widely circulated video among crypto enthusiasts, Cramer directly tells Gensler that the SEC lost the XRP case during an interview on CNBC on June 5.
While the SEC did achieve a partial victory in the lawsuit, Cramer’s statement implies that the SEC did not achieve the outcome they desired.
Well-known figures in the crypto space such as Amelie and Abdullah “Abs” Nassif, the host of the Good Morning Crypto podcast, have shared a snippet of the interview on X.
The XRP community has had varied responses to the video going viral. Some members praised Cramer for his bold remarks, while others interpreted his comment as potentially negative news for XRP holders.
Cramer, also known as “Inverse Cramer,” has a reputation for his predictions often going in the opposite direction of what he forecasts. This has led top crypto players to advise investors to do the opposite of Cramer’s recommendations. Investors have humorously turned Cramer’s bullish signals into sell signals in the market.
In light of Cramer’s recent remarks to Gensler, XRP enthusiasts are hopeful that the SEC does not win the case against Ripple.
As the SEC v. Ripple case nears its conclusion, U.S. District Judge Analisa Torres has already made significant decisions in the lawsuit through a summary judgment issued in July 2023, granting partial victories to both parties.
Although Judge Torres considered institutional sales as investment contracts, she ruled that Ripple did not violate securities laws through its programmatic sales and other XRP distributions.
The court is yet to decide on two crucial aspects of the lawsuit – the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted motions for these matters, awaiting the court’s decision at any time.
Disclaimer: This article provides information and should not be taken as financial advice. The opinions expressed are those of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses.