A video of CNBC’s “Mad Money” host Jim Cramer confronting SEC Chair Gary Gensler about losing the Ripple case has sparked a variety of responses from the XRP community.
In the widely circulated video among the crypto community, Cramer directly told Gensler that the SEC lost the XRP case during an interview on CNBC on June 5th.
Despite the SEC achieving a partial victory in the lawsuit, Cramer’s statement implies that the outcome was not as desired by the SEC.
Well-known crypto enthusiasts, such as Amelie and Abdullah “Abs” Nassif, host of the Good Morning Crypto podcast, have shared a snippet of the interview on X.
The XRP community has shown mixed reactions since the video went viral. While some praised Cramer for his bold remarks, others viewed it as troubling news for XRP holders.
Cramer, known in the crypto space as “Inverse Cramer,” has a reputation for his predictions often going in the opposite direction. For example, after predicting a downturn for Bitcoin, its price continued to rise.
Given Cramer’s track record, many top crypto figures advise investors to do the opposite of what he suggests. This has become a common practice among investors, with bullish signals from Cramer often interpreted humorously as sell signals.
Following Cramer’s recent comments to Gensler, XRP supporters are hopeful that Ripple will not be defeated by the SEC.
As for the SEC v. Ripple lawsuit, it is nearing its conclusion. U.S. District Judge Analisa Torres has already ruled on most aspects of the case through a summary judgment issued in July 2023, resulting in partial victories for both parties.
While institutional sales were deemed as investment contracts, it was determined that Ripple did not violate securities laws through its sales and distribution of XRP.
However, two critical matters remain unresolved in the lawsuit – the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted motions for these issues and are awaiting the court’s decision, which could be announced soon.
Please note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are personal 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 is not liable for any financial losses that may occur.