Ripple Vs Sec: Could Elon Musk Add XRP to X Payments After Ripple’s Court Win?

August 9, 2024 Vaseline blog 0

Ripple Vs Sec: Could Elon Musk Add XRP to X Payments After Ripple’s Court Win?

Legal expert Fred Rispoli has advised Elon Musk, head of X, to onboard XRP into the payment system of his social media app. This recommendation comes in light of a recent loss for the US Securities and Exchange Commission (SEC) in its lawsuit against Ripple. As Ripple vs SEC settles down, Ripple is eyeing more growth.

The court ordered a significant decrease of the fine from almost $2 billion to $125 million.

According to Fred Rispoli, this is a chance for Musk to legally stand against the SEC’s regulatory approach.

Attorney Rispoli shared his recommendations through an X post and said that the addition of XRP can be a legal proceeding against the actions of the SEC. He also added that Adam Mehes, the in-house litigation leader at X, could approve this integration.

Ripple vs SEC: SEC’s Response and Ripple’s Fine

After the lengthy legal tussle, the SEC has finally made a statement regarding the lawsuit against Ripple. Despite the hefty penalty reduction to $125 million, the court confirmed Ripple’s violations of securities laws in the Ripple vs SEC case.

Judge Analisa Torres, who presided over the case, highlighted the severity of Ripple’s actions. She emphasized the importance of securities law compliance, regardless of the technology or terms used by companies in the sector.

X Payments and Crypto Integration Prospects

Elon Musk has been actively working to expand the functionalities of X, formerly known as Twitter. This comprises the creation of a financial management and payment system, X Payments. This platform is set to support fiat currencies upon its expected launch within the year.

However, with Musk’s interest in cryptocurrencies like Dogecoin and Bitcoin, there is always a possibility of supporting XRP.

Contrary to speculation, Musk or his company have not issued any official statement or time frame slated for the integration of crypto into X Payments. It is still a subject of debate among the financial and crypto worlds.

In addition, the CEO of Ripple, Brad Garlinghouse, and the CLO of Ripple, Stuart Alderoty have made their statements about the final decision of the SEC lawsuit. Garlinghouse felt that the reduction in the penalties was a positive outcome and considered it a win. He further said, “This is a victory for Ripple, the industry and the rule of law.”

Similarly, Ripple’s CLO, Stuart Alderoty, applauded the court for dismissing the SEC’s ‘reckless’ allegations and not imposing the huge fine. Alderoty emphasized the court’s understanding that no fraudulent loss was inflicted on the investors.

This particular ruling has also had an almost immediate positive effect on the value of XRP as well as the trading volumes. As of the time of writing, XRP was priced at $0.6099, this shows an increase of 3% in the last week.