Tesla owner Elon Musk is again under scrutiny for his controversial ambitions. XRP, Ripple’s native coin, is famous for several reasons. XRP’s liberation is a milestone for SEC-entrapped crypto assets. While Elon is under SEC scrutiny, suspending the XRP account creates a US market vagabond situation. Suspending XRP makes sense since Elon started Paypal as a digital payment system, and maybe X may serve crypto assets in the future. The XRP community is unhappy with Musk’s choice, and XRP’s legal issues have not slowed its growth.
Before we delve into the XRP investigation, let’s remind you what happened this week with Elon vs SEC.
Musk’s SEC maneuver Is On!
Musk’s acquisition of Twitter, now X, is under investigation by the SEC. Also, the SEC investigates his stock acquisitions and related statements and filings for illegal securities violations. After objecting, he firmly refused to attend at the SEC’s San Francisco headquarters in May 2023. Musk still discusses Twitter aspirations despite the legal issues. The SEC continues to seek it since Musk’s testimony is essential to its inquiry.
What Stirred His Decision to Block XRP Account? Analyst Weigh in
The suspension of the @digitalassetbuy XRP account on Elon Musk’s social media platform, X, has set off a wave of curiosity and speculation. Known for its unwavering support of XRP, the native cryptocurrency of Ripple Labs, the account’s abrupt suspension left followers stunned. While some argue it may have been a precautionary measure against potential scams, others find the silence from X officials intriguing.
Crypto Eri, a prominent crypto enthusiast, directly reached out to Musk seeking clarification, emphasizing the impact on the channel built around the X platform. This incident has attracted the attention of notable figures like XRP holder’s lawyer John Deaton and raised the pressing question of whether this is an isolated event or the resurgence of censorship on X.
Encircling the controversy, what stands true at this moment is the SEC investigation into Musk’s stock purchases and related statements regarding the acquisition of X. This development adds an extra layer of intrigue to the situation.
Is Elon fearing the SEC’s scrutiny, or is it just a pleasing tactic after vocally lashing the SEC’s actions on his venture?
While platform policies are crucial for user safety, the incident underscores the need for a transparent and equitable approach to account moderation. The crypto community watches closely, eager for insights and answers, as they navigate the evolving landscape of social media engagement in the crypto space.
Elon Musk’s XRP account suspension coincided with his SEC regulatory issue. The industry behemoth seems desperate to hide this legal offset, and XRP is the ideal scapegoat.
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