Elon Musk highlights the potential of Cryptocurrency in latest comments  

Tesla, X and Space X CEO has dropped the latest remarks on what he personally feels about cryptocurrency and its potential after taking a long break from discussing crypto-related matters.

Elon Musk who was an avid supporter of the concept of cryptocurrency in its earlier days has taken a slight Hiatus on crypto-related matters.

That ended recently with the multi-billionaire making a recent comment on crypto saying that it plays a crucial role in promoting individual freedom and countering centralized control.

Elon Musk commented on cryptocurrencies during a town hall discussion in Pittsburgh on Sunday revealing the role he thinks Cryptocurrency plays in society.

The X owner explained his opinion in response to a question on the potential for XRP Ledger integration in financial institutions, particularly amid the U.S. Securities and Exchange Commission (SEC) scrutiny.

Elon Musk provided a broad answer to that niche question stating what he feels about crypto in general and not XRP alone.

“ I do think that cryptocurrency is an interesting and probably valuable Bulwark against centralized control”  

Musk clarified that his statement was not an endorsement or Lack of endorsement of XRP but rather he believes that crypto by its nature helps with individual freedom.

XRP vs SEC  

XRP and its parent company Ripple Labs have been in the midst of a major showdown with the United States Securities and Exchange Commission (SEC) under Gary Gensler. The Legal tussle began in December 2020 and it circles around the accepted status of the XRP token.

The SEC in its case alleges that Ripple’s sale of XRP constituted an unregistered securities offering, claiming the company raised $1.3 billion through these sales.

Ripple Labs the parent company of XRP has consistently argued that XRP is a cryptocurrency, not a security, and thus falls outside the SEC’s regulatory scope.

The SEC recently filed an appeal challenging parts of a 2023 ruling in favor of Ripple Labs.

XRP supporters were excited about Musk mentioning XRP.

Ripple CEO Brad Garlinghouse in reaction to Musk’s comments expressed similar views on the importance of cryptocurrency, particularly XRP.

He tweeted that Voters care about crypto and XRP too. He explained that the crypto debate was not a niche issue and that people want clear policies that drive growth and jobs.

What to Know  

• Elon Musk is one of the world’s richest men who have shown admiration and has ties to cryptocurrency. His company Tesla holds significant amounts of Bitcoin and recently transferred $765 million worth of Bitcoin to new wallets.
• Elon Musk was a heavy Promoter of the meme coin Dogecoin in its early days. However, the Token has dropped by over 80% from its all-time high.