Elon Musk supports Ripple CEO in war with cryptocurrency regulator

Eccentric Twitter analyst Elon Musk has responded to Ripple CEO Brad Garlinghouse's outrageous post about the US Securities Exchange Commission (SEC). Garlinghouse harshly criticized the agency in response to the release of the so-called Hinman documents.

The Ripple CEO wrote: «The SEC wants you to think it cares about disclosure, transparency, and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior will shock you.» Elon Musk responded to this statement with the short phrase «No way» — with ironically feigned surprise, as if the billionaire himself was convinced of what Harlinghouse said.

No way

— Elon Musk (@elonmusk) October 21, 2022

William Hinman is a former director of the SEC’s Division of Corporation Finance. Hinman’s documents refer to one of his speeches, during which the regulator stated that Ethereum is not a security. According to Ripple Labs, Hinman’s documents are an important argument in the court case — if ETH is not a security, then XPR cannot be considered one either. At the time of the opinion, Hinman’s law firm received $ 1.6 million from the Enterprise Ethereum Alliance. At the time, the SEC claimed that this was a personal opinion, not an official one. However, if the existence of official correspondence is established and Ripple’s statements are confirmed, it will mean that Hinman lied to the court.

Earlier, we reported that Elon Musk plans to lay off 75% of Twitter employees after the acquisition of the social network. Musk’s innovations will reduce the social network’s staff from 7,500 employees to just over 2,000.

It should be added that at the time of writing, the XRP rate is $ 0.44, and the market capitalization is $ 22.04 billion.