Breaking: Ripple Community Clamors For Elon Musk To Join In Their Fight Against The SEC

Olivia Brooke
February 18, 2022
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XRP Vs SEC

The regulatory activities of the SEC have renewed calls for market participants to oppose the agency. Supporters of Ripple have urged Elon Musk to join forces with them to fight against the securities regulator. This is following the Tesla CEO’s filing of an accusation against the SEC.

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Musk has another run-in with the SEC

In the letter which was addressed to Manhattan U.S. District Judge Alison Nathan, Musk and Tesla’s lawyer, Alex Shapiro, stated that the SEC was hounding his clients with countless investigations.

Shapiro held that the commission was doing this because Musk has continued to remain an outspoken critic of the government.

 Worst of all, the SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government, Shapiro wrote.

He added that the SEC seems bent on denying Musk his right to freedom of speech. CNBC reports that Judge Nathan has asked the SEC to respond by February 24.

The filing is coming after Tesla revealed that the SEC had subpoenaed Musk over his Twitter activity.

This is not the first time that Musk has had a run-in with the SEC over the issue. The SEC first sued Musk and Tesla for a misleading tweet in 2018. At the time, a $40 million settlement was reached.

Why XRP supporters want Musk to join them
With Musk’s latest complaint about the SEC’s oversight, supporters of Ripple and the embattled XRP token have called on the billionaire to also throw in his hat with them. Many Ripple supporters are highlighting that the XRP community has a similar grudge against the SEC.

One such supporter, Attorney John Deaton, pointed out that the XRP community, like Musk, was tired of the SEC’s tactics. Deaton invited Musk to join the XRP community in any capacity he wishes.

Other XRP supporters have joined the call, stating that the XRP community has “a much bigger bite than Dogecoin.”

Meanwhile, the SEC lawsuit against Ripple has been progressing gradually. The next anticipated date in the case is February 24 when the SEC has to respond to Brad Garlinghouse’s motion to compel turnover of the “Estabrooks Notes,” as Attorney James K Filan says.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.