A video of CNBC’s “Mad Money” host Jim Cramer confronting SEC Chair Gary Gensler about losing the Ripple case has sparked a range of reactions in the XRP community.
In the widely circulated video among crypto enthusiasts, Cramer bluntly told Gensler that the SEC had lost the XRP case during an interview on CNBC on June 5.
Despite the SEC achieving some success in the legal battle, Cramer’s remarks imply that the outcome may not have been entirely favorable for the regulatory body.
Prominent 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 response from the XRP community has been varied since the video gained traction. While some supporters praised Cramer for his direct comments, others interpreted them as negative news for XRP holders.
Cramer, known as “Inverse Cramer” in the crypto world, has a reputation for making predictions that often move in the opposite direction. For instance, after he predicted a decline in the price of Bitcoin, it actually surged.
Given Cramer’s track record, many crypto stakeholders suggest going against his advice. Investors have humorously turned his bullish signals into sell signals, reflecting a lack of faith in his predictions.
With Cramer’s recent comments to Gensler, XRP enthusiasts are hopeful that Ripple will not face a defeat in the ongoing legal battle with the SEC.
As the SEC v. Ripple case nears its conclusion, U.S. District Judge Analisa Torres has already ruled on most aspects of the lawsuit through a summary judgment delivered in July 2023, granting partial victories to both parties.
While institutional sales were classified as investment contracts, the court found that Ripple did not violate securities laws with its distribution of XRP through various channels.
The lawsuit still hinges on two key issues – the remedies litigation and Ripple’s motion to exclude Andrea Fox’s declaration. Both parties have submitted their motions, awaiting the court’s decision, which could be imminent.
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