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- According to one XRP influencer, Ripple CTO David Schwartz has “joined forces” with X Corp owner Elon Musk, bonded by their mutual fight against the US SEC.
- Ripple has continued to expand its license portfolio through strategic acquisitions, aiming to offer a wider range of products to its users, especially institutional clients.
The enemy of my enemy is my friend, goes the old adage. In the case of Ripple CTO David Schwartz and tech billionaire Elon Musk, this common enemy is the US Securities and Exchange Commission (SEC).
According to one XRP influencer, the two have “joined forces…in fighting against the SEC, the first time it’s actually done publicly! ”
Known to her 35,000 followers on X as Amelie, the influencer speculates that this could be the spark that leads to greater partnerships between the social media platform X and XRP.
Ripples CTO joins forces with Elon musk in fighting against the SEC, first time it’s actually done publicly!
Does that mean a X and #XRP partnership coming? Seems like a good start!
XRPL is going to go mad soon! And it’s DeFi on XRPL that’s going to support all these… pic.twitter.com/tqdLbCtHqy
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) March 4, 2024
Amelie, however, didn’t disclose any details about the rumored partnership between the two. However, recently, Schwartz took to X to subtly criticize the SEC’s approach. As Crypto News Flash reported, he commented on an article by CNN in which Musk’s perpetual promises that Tesla vehicles’ value would go up were examined.
Despite Musk’s reassurances and bold proclamations, Tesla prices have been going down for years as major automakers flood the market with electric vehicle alternatives.
“I’d love to hear the SEC explain why Tesla isn’t selling unregistered securities,” Schwartz quipped, referring to the CNN article.
The one thing Ripple and Musk have in common is troubles with the SEC. Musk is an outspoken critic of the agency, and in turn, the SEC has gone after the SpaceX CEO every chance it got. The more controversial one was the infamous “Tesla at $420” incident. Musk once claimed that he had secured funding to take Tesla private at $420 a share, and this didn’t sit well with the agency.
SEC took Musk to court in 2018, and the two settled shortly after, with Musk pledging to let his lawyers vet all his tweets.
In the latest tiff, the SEC is suing the billionaire over irregularities in his $44 billion takeover of Twitter, and according to experts, this time, the SEC might actually win.
Musk To Partner With Ripple?
A partnership between Musk and Ripple could change the fortunes of XRP and its entire ecosystem. The Tesla boss has the Midas touch with crypto, and Dogecoin is the best illustration. Musk has been a key factor in the meme coin’s attractiveness to investors, especially newbies. In turn, he has been a faithful servant, touting the meme coin on social media and even on Saturday Night Live, as Crypto News Flash reported back in 2021.
Dogecoin has gone on to become one of the mainstays of the top ten list; at press time, it was trading at $0.1539 for a market cap of $22.1 billion. This is despite having little utility and being used overwhelmingly for speculation.
XRP, however, has massive utility. Its XRPL underpins applications that cater to NFTs, decentralized finance and more. If Musk put his weight behind XRPL, it could skyrocket and become a fierce competitor to Ethereum.
Meanwhile, XRP trades at $0.6256, gaining 5.4% in the past week.
