Fred Rispoli Advises Elon Musk to Onboard XRP into X Payments System After Ripple's Legal Victory
- 王林Original
- 2024-08-10 00:43:14350browse
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.
Elon Musk has been advised to integrate XRP into the payment system of his social media app, X, following a recent development in the SEC vs. Ripple lawsuit. As the dust settles on this legal battle, Ripple is setting its sights on further growth.
According to legal expert Fred Rispoli, Musk has a golden opportunity to legally stand against the SEC’s regulatory approach after its loss to Ripple. Rispoli shared his recommendations through an X post, suggesting that adding XRP could be a legal proceeding against the SEC's actions. He also mentioned that Adam Mehes, the in-house litigation leader at X, might approve this integration.
After the lengthy legal battle, 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 SEC vs. Ripple case.
Judge Analisa Torres, who presided over the case, highlighted the severity of Ripple’s actions, emphasizing the importance of securities law compliance, irrespective of the technology or terminology employed by companies in the industry.
Elon Musk has been actively working to expand the functionalities of X, formerly known as Twitter, which includes 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, considering Musk’s interest in cryptocurrencies like Dogecoin and Bitcoin, there is always a possibility of supporting XRP.
To the contrary, there have been no official statements or time frames slated for the integration of crypto into X Payments by Musk or his company. It is still a subject of speculation within the financial and crypto worlds.
In addition, the CEO of Ripple, Brad Garlinghouse, and the CLO of Ripple, Stuart Alderoty, have made their statements regarding 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 went on to say, “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 highlighted the court’s recognition 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. At the time of writing, XRP was priced at $0.6099, indicating an increase of 3% in the last week.
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