A recent video featuring CNBC’s “Mad Money” host Jim Cramer confronting SEC Chair Gary Gensler about the Ripple case has sparked a range of reactions from the XRP community.
In the widely circulated video within the crypto world, Cramer bluntly told Gensler that the SEC had lost the XRP case. During a CNBC interview on June 5, Cramer boldly stated, “The SEC Vs. Ripple Labs… You lost that one.”
Despite the SEC securing a partial victory in the lawsuit, Cramer’s remarks imply that the SEC did not achieve the desired outcome. Well-known crypto enthusiasts like Amelie and Abdullah “Abs” Nassif, host of the Good Morning Crypto podcast, shared a clip of the interview on X.
The XRP community has been divided in their responses to the video’s viral spread. Some members praised Cramer for his direct comments, while others interpreted his words as concerning news for XRP holders.
Cramer, also known as “Inverse Cramer” in the crypto space, has a reputation for making predictions that often result in the opposite outcome. For example, after Cramer predicted a decline in Bitcoin, the price of BTC actually surged.
Given Cramer’s track record, many top crypto influencers advise investors to do the opposite of his recommendations. This advice has been humorously embraced by market participants, who view Cramer’s bullish signals as sell signals.
Following Cramer’s recent exchange with Gensler, XRP supporters are hopeful that Ripple will not face defeat in the SEC lawsuit.
As the SEC v. Ripple case nears its conclusion, U.S. District Judge Analisa Torres has already ruled on most aspects of the lawsuit in a summary judgment issued in July 2023. While institutional sales were deemed to be investment contracts, the court found that Ripple did not violate securities laws through its XRP distributions.
The lawsuit is not fully resolved yet, as the court still needs to address the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted relevant motions and await the court’s decisions, which could come at any time.
Please note that this article is for informational purposes only and should not be considered financial advice. The author’s opinions expressed here do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic will not be held responsible for any financial losses incurred.