A video of CNBC’s “Mad Money” host Jim Cramer confronting SEC Chair Gary Gensler about the Ripple case has sparked a range of reactions among XRP enthusiasts.
In the widely circulated video in the crypto community, Cramer directly told Gensler that he had lost the XRP case, stating, “The SEC Vs. Ripple Labs… You lost that one,” during a CNBC interview on June 5.
Despite the SEC securing a partial win in the legal battle, Cramer’s remarks imply that the outcome was not as expected by the regulatory body.
Notable figures in the crypto world, including Amelie and Abdullah “Abs” Nassif, host of the Good Morning Crypto podcast, have shared clips of the interview on X.
The XRP community has been divided in its response to the video going viral. While some praised Cramer for his bold statement, others expressed concerns that it could spell trouble for XRP holders.
Cramer, known as “Inverse Cramer” in the crypto space, has a reputation for making predictions that often have the opposite effect. For example, after predicting a drop in Bitcoin prices, the cryptocurrency actually soared.
Given Cramer’s track record, many crypto investors now consider doing the opposite of his recommendations. When Cramer advises buying, they humorously interpret it as a signal to sell.
In light of Cramer’s recent remarks to Gensler, XRP supporters are anxiously awaiting the outcome of the SEC’s case against Ripple.
As the SEC v. Ripple lawsuit nears its conclusion, U.S. District Judge Analisa Torres has already ruled on most aspects of the case in a summary judgment issued in July 2023, granting partial victories to both parties.
While the judge determined that institutional sales constituted investment contracts, she found that Ripple had not violated securities laws through its distribution of XRP.
However, two key issues remain unresolved in the lawsuit – the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted motions on these matters, awaiting the judge’s decision.
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