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XRP Community Shocked at Jim Cramer's Comments, Here's Response

Fri, 11/18/2022 - 10:30
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Tomiwabold Olajide
XRP community was riled up at Mad Money host's comments
XRP Community Shocked at Jim Cramer's Comments, Here's Response
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In a recent interview on CNBC's Squawk Box, Mad Money host Jim Cramer shared his take on the recent happenings on the crypto market in the wake of the tragic FTX collapse.

Cramer, critical of cryptocurrencies, said, "What do we know about Solana? What do we know about XRP? The answer is zero. The reason we know zero is that the government doesn't feel it should be regulated. We put them up...we put up lots of Enron."

The XRP community was riled up at the Mad Money host's comments. Carlin, an XRP user, commented, "I was watching and was shocked at JC's comments/bluster without a thought."

CryptoLaw founder and XRP holders' lawyer John Deaton will not let Cramer's rhetoric slide without an appropriate response.

Deaton responded, "The government that Jim claims doesn't regulate XRP actually regulated it in 2015, and Ripple was forced to comply with U.S. banking laws like the BSA(Bank Secrecy Act)."

The CryptoLaw founder further cited a 2019 Financial Stability Oversight Council signed off by Federal Reserve Chairman Jerome Powell and Former SEC Chair Jay Clayton, among others, that highlights XRP alongside BTC and ETH as virtual currencies. He noted that this same classification had been given by the U.S. Government Accountability Office (USGAO) five years earlier.

He noted XRP's use in payments, stating that payment giant Moneygram registered with the SEC in the same year to utilize XRP in cross-border payments.

He concluded, "Therefore, we know a lot about XRP, not nothing as you suggest."

XRP identified as digital currency

As reported by U.Today, Ripple was identified as an "opportunity in payments," alongside Circle and Coinbase, in a report by Goldman Sachs' Investment Banking Division.

XRP Classified as "Digital Currency" by Goldman Sachs, Wells Fargo and HSBC: Report

HSBC also cited Ripple's XRP Ledger as that which provides real-time cross-border settlements, using tokens that represent central bank currencies. ISO 20022, which is gradually becoming the global standard for the world's cross-border payment flows, was adopted by Ripple way back in 2020.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.