A widely circulated video showing CNBC’s “Mad Money” host Jim Cramer confronting SEC Chair Gary Gensler about the Ripple case has sparked a variety of reactions from the XRP community.
In the video that has been making the rounds in the crypto world, Cramer boldly stated to Gensler that the SEC had lost the case against Ripple. “The SEC vs. Ripple Labs… You lost that one,” Cramer told Gensler during a CNBC interview on June 5.
While the SEC did achieve some success in the legal battle, Cramer’s remarks imply that the outcome was not as desired by the commission.
Well-known crypto enthusiasts like Amelie and Abdullah “Abs” Nassif, host of the Good Morning Crypto podcast, have shared snippets of the interview on X, prompting a range of responses from the XRP community.
Members of the XRP community have had mixed reactions to the video going viral. Some praised Cramer for his outspoken stance, while others interpreted his words as potentially negative news for XRP holders.
Cramer, also known as “Inverse Cramer” in the crypto space, has gained notoriety for his predictions often having the opposite effect. For example, after Cramer predicted a drop in the price of Bitcoin, it actually surged. This has led many in the crypto world to advise investors to do the opposite of what Cramer suggests. As a result, when Cramer expresses optimism about an asset, it is humorously viewed as a signal to sell.
Following Cramer’s recent confrontation with Gensler, XRP supporters are hoping for a favorable outcome for Ripple in the ongoing legal battle with the SEC.
As the SEC vs. Ripple lawsuit nears its conclusion, Judge Analisa Torres has already ruled on many aspects of the case in a summary judgment issued in July 2023. While institutional sales were deemed investment contracts, Ripple’s programmatic sales and other XRP distributions were found not to violate securities laws.
However, there are still two critical issues pending in the lawsuit – the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted motions on these matters and are awaiting the court’s decision, which could be announced soon.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed are solely those of the author and do not reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.