Musk discusses XRP’s role amid crypto regulation debate

Tesla and SpaceX CEO Elon Musk addressed the growing significance of cryptocurrencies, including XRP (CRYPTO:XRP), during a town hall event in Pittsburgh. 

Responding to a question about XRP Ledger integration in financial institutions, particularly amid ongoing scrutiny by the U.S. Securities and Exchange Commission (SEC), Musk highlighted crypto’s broader implications. 

“I do think that cryptocurrency is an interesting and probably valuable bulwark against centralized control,” Musk stated. 

He clarified that his remarks were not an endorsement for XRP but expressed, “Crypto by its very nature helps with individual freedom.” 

Musk’s comments come amid Ripple Labs’ ongoing legal battle with the SEC, which began in December 2020. 

The SEC claims Ripple’s XRP sales were unregistered securities offerings, raising $1.3 billion. 

Ripple argues that XRP is a cryptocurrency and not a security. 

Recently, the SEC filed an appeal challenging a 2023 ruling favoring Ripple. 

Ripple CEO Brad Garlinghouse weighed in, echoing Musk’s sentiments. 

He commented on the social media platform X, asserting, “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 engagement with cryptocurrency remains notable, especially considering Tesla’s and SpaceX’s substantial Bitcoin (CRYPTO:BTC) holdings. 

Recently, Tesla moved $765 million in Bitcoin to new wallets, marking its first such action in two years. 

Tesla stopped accepting Bitcoin as a payment method in 2021 due to environmental concerns. 

However, Musk has indicated payments could resume if mining practices become more sustainable. 

Beyond Bitcoin, Musk continues to express interest in Dogecoin (CRYPTO:DOGE). 

Tesla currently accepts Dogecoin for select merchandise, and Musk’s endorsements have historically boosted the coin’s value.

At the time of writing, the XRP price was $0.5439.