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Tesla and Spacex CEO Elon Musk addressed XRP and cryptocurrency during a town hall in Pittsburgh, acknowledging crypto’s potential amid regulatory scrutiny. Musk emphasized that cryptocurrency plays a crucial role in promoting individual freedom and countering centralized control. His comments were well-received by XRP supporters, highlighting the growing importance of crypto in shaping future financial systems and innovation policies.
Musk Responds to Question About XRP
Tesla and Spacex CEO Elon Musk shared his views on cryptocurrency and XRP during a town hall discussion in Pittsburgh Sunday.
When asked about the potential for XRP Ledger integration in financial institutions, particularly amid the U.S. Securities and Exchange Commission (SEC)’s scrutiny, Musk stated:
I do think that cryptocurrency is an interesting and probably valuable bulwark against centralized control.
He clarified that his statement was not “an endorsement or lack of endorsement for XRP,” but emphasized: “I do think crypto by its very nature helps with individual freedom.”
XRP is at the center of an ongoing legal battle between Ripple Labs and the SEC, which began in December 2020. The SEC alleges that Ripple’s sale of XRP constituted an unregistered securities offering, claiming the company raised $1.3 billion through these sales. Ripple has consistently argued that XRP is a cryptocurrency, not a security, and thus falls outside the SEC’s regulatory scope. The SEC recently filed an appeal challenging parts of a 2023 ruling in favor of Ripple Labs.
XRP supporters were enthusiastic about Musk mentioning XRP. Ripple CEO Brad Garlinghouse expressed similar views on the importance of cryptocurrency, particularly XRP, responding to Musk’s remarks on social media platform X:
Voters care about crypto — they care about XRP — it’s not a niche issue. They want real policies that drive innovation and create jobs.
Musk’s involvement in cryptocurrency continues to attract attention, particularly with Tesla’s and Spacex’s significant bitcoin holdings. Tesla recently transferred $765 million in bitcoin to new wallets, its first such move in two years. The company stopped accepting bitcoin for payments in 2021 over environmental concerns, though Musk has suggested payments could resume once mining becomes more sustainable. Alongside BTC, Musk maintains a strong interest in meme cryptocurrency dogecoin (DOGE). Tesla accepts dogecoin for select merchandise, and Musk’s endorsements have consistently boosted the coin’s value.