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In a recent interview on CNBC’s Squawk Box, the Mad Money host Jim Cramer shared his perspective on recent events in the crypto market following the tragic collapse of FTX.
Cryptocurrency critic Cramer 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 think it should be regulated. We put them in place…we put in a lot of Enron.”
The XRP community was pissed off by the Mad Money host’s comments. Carlin, an XRP user, commented, “I was watching and was mindlessly shocked by JC’s comments/bluster.”
John Deaton, founder of CryptoLaw and advocate for XRP holders, won’t let Cramer’s rhetoric slide without a proper response.
Deaton replied, “The government that Jim says doesn’t regulate XRP actually regulated it in 2015, and Ripple was forced to comply with US banking laws like the BSA (Bank Secrecy Act).”
The CryptoLaw founder further cited a 2019 Financial Stability Supervisory Board signed by Federal Reserve Chairman Jerome Powell and former SEC Chairman 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 US Government Accountability Office (USGAO) five years earlier.
He noted the use of XRP in payments, stating that payments giant Moneygram registered with the SEC the same year to use 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 a “payment opportunity”, alongside Circle and Coinbase, in a report by Goldman Sachs’ Investment Banking division.
HSBC also cited Ripple’s XRP Ledger as one that provides real-time cross-border settlements, using tokens that represent central bank currencies. ISO 20022, which is gradually becoming the global standard for cross-border payment flows around the world, was adopted by Ripple in 2020.
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