Tesla and SpaceX CEO Elon Musk mentioned XRP and cryptocurrencies at a town hall in Pittsburgh, acknowledging the potential of cryptocurrencies amid regulatory scrutiny. Musk emphasized that cryptocurrencies play an important role in promoting individual freedom and resisting centralized control. His comments were well received by XRP supporters, underscoring the growing importance of cryptocurrencies in shaping future financial systems and innovation policies.

Musk answers questions about XRP

Tesla and SpaceX CEO Elon Musk shared his views on cryptocurrencies and XRP during a panel discussion in Pittsburgh on Sunday.

When asked about the potential for integrating the XRP Ledger into financial institutions, especially amid heightened scrutiny from the US Securities and Exchange Commission (SEC), Musk stated:

I think cryptocurrencies are an interesting and valuable bulwark against centralized control.

He clarified that his statement was not “an endorsement or disapproval of XRP,” but emphasized: “I think the nature of cryptocurrency is conducive to individual liberty.”

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 sales of XRP constituted an unregistered securities offering, claiming that the company raised $1.3 billion through these sales. Ripple has consistently argued that XRP is a cryptocurrency, not a security, and therefore falls outside the SEC's purview. The SEC recently filed an appeal challenging parts of the 2023 ruling in favor of Ripple Labs.

XRP supporters were excited when Musk mentioned XRP. Ripple CEO Brad Garlinghouse expressed similar views on the importance of cryptocurrencies, especially XRP, in response to Musk's comments on the social media platform X:

Voters care about crypto — they care about XRP — it's not a niche issue. They want policies that actually promote innovation and create jobs.

Musk’s involvement in cryptocurrency continues to attract attention, especially given Tesla and SpaceX’s significant bitcoin holdings. Tesla recently transferred $765 million in bitcoin to a new wallet, the first such move in two years. The company stopped accepting bitcoin for payment in 2021 due to environmental concerns, although Musk has suggested that payments could resume once mining operations become more sustainable. In addition to BTC, Musk has maintained a strong interest in the meme cryptocurrency dogecoin (DOGE). Tesla accepts dogecoin for select items, and Musk’s endorsement has consistently driven up the value of the coin.

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