A viral video of CNBC’s “Mad Money” host Jim Cramer telling SEC Chair Gary Gensler that he lost the Ripple case stirs mixed reactions within the XRP community.
In the video making rounds within the crypto community, Cramer told Gensler to his face that he lost the XRP case.
“The SEC Vs. Ripple Labs… You lost that one,” Cramer told Gensler during a CNBC interview on June 5.
🚨 JUST IN: 🇺🇸 Jim Cramer Tells Gary Gensler He Lost The SEC vs. Ripple $XRP Case On CNBC !! 💥🇺🇸
“SEC Vs. Ripple Labs… You Lost That One!”
Comment Below & Follow For More!! 👇👇#Ripple #SEC #XRP #JimCramer #Gensler pic.twitter.com/Sh6i5M7lLX
— Good Morning Crypto (@AbsGMCrypto) June 5, 2024
Although the SEC recorded a partial victory in the lawsuit, Cramer’s comment suggests that the SEC did not get its desired outcome.
Prominent crypto enthusiasts, including Amelie and Abdullah “Abs” Nassif, the host of the Good Morning Crypto podcast, have shared an excerpt of the interview on X.
XRP Community’s Mixed Reactions
Expectedly, XRP community members expressed mixed reactions since the video went viral. While some XRP enthusiasts applauded Cramer for his bold assertions, others emphasized that his comment indicates “bad” news for XRP holders.
This is bad news for #XRP holders.🙃
— ღBarbara (@BarbaraFloyd051) June 5, 2024
The CNBC Mad Money host is a notable figure in the crypto space popularly called “Inverse Cramer.” He earned the title because the outcome of his predictions usually moves in the opposite direction.
For instance, the price of Bitcoin kept soaring shortly after Cramer predicted that “Mr. Bitcoin is about to go down.”
With most of Cramer’s predictions not moving as he projects, top crypto stakeholders advised investors to always do the opposite of anything Crammer recommends. Interestingly, investors have adopted this recommendation. Whenever Cramer issues a bullish signal regarding any asset, market participants humorously interpret it as a sell signal.
Following Cramer’s recent comments to Gensler, XRP enthusiasts hope the SEC does not emerge victorious against Ripple.
I just hope it’s not the opposite like it usually is
— Chris (@Christownship) June 6, 2024
Current Status of SEC v. Ripple Lawsuit
Meanwhile, the SEC v. Ripple case is almost over. U.S. District Judge Analisa Torres had already decided the majority of the lawsuit via her summary judgment decision issued in July 2023, which gave the parties partial victories.
While Judge Torres declared institutional sales as investment contracts, she held that Ripple did not violate securities law via its programmatic sales and other distributions of XRP.
Nonetheless, the court still needs to determine two crucial matters in the lawsuit- the remedies litigation and the motion filed by Ripple to exclude Andrea Fox’s declaration. The parties have submitted the relevant motions for both matters and await the court’s decision, which could come at any time.
