Fox Business Host Charles Gasparino Escalates Feud with XRP Community

Fox Business reporter Charles Gasparino has intensified his feud with the XRP community, dismissing the notion of an “XRP army” and claiming that only insiders benefited from the cryptocurrency’s recent price rally.

• Gasparino denies the existence of an “XRP army”
• Criticizes Ripple lawsuit ruling as “dumb”
• Predicts SEC will continue case against Ripple
• Questions the broader benefits of the XRP price rally

Is the so-called “XRP army” nothing more than a myth? According to Charles Gasparino of Fox Business, the answer is a resounding yes. In his latest salvo against the XRP community, Gasparino boldly declared,

“There is no ‘XRP army.'”

He further asserted that the community primarily consists of individuals who “bought the coin and made insiders rich,” igniting a firestorm of debate within the crypto space. But is there merit to his claims, or is this merely another episode in a long-standing media feud?

The crux of the controversy lies in the recent legal ruling in the Ripple lawsuit against the SEC. U.S. District Judge Analisa Torres ruled that secondary sales of XRP (sales on exchanges after the initial offering) are not securities, a decision Gasparino labeled as “dumb.” He went on to suggest that despite potential leadership changes at the SEC, including the possible exit of Chair Gary Gensler, the agency would not abandon the case against Ripple. This perspective stands in stark contrast to some in the crypto community who hold out hope that Paul Atniks, nominated to replace Gensler, might foster a more favorable regulatory environment. Atniks, if appointed, could influence the trajectory of cryptocurrency regulation, though Gasparino remains skeptical of any leniency towards Ripple.

The XRP price rally in Q4 2024 was undeniably significant, yet according to Gasparino, the primary beneficiaries were insiders. Ripple co-founder Chris Larsen saw his net worth skyrocket by over $6 billion thanks to the rally, but the token has since experienced a considerable downturn. This volatility prompts questions about the sustainability of such price surges and who truly gains from them.

Gasparino’s history of referring to the XRP community as a “cult” adds another dimension to this ongoing battle. His criticism extends beyond the recent ruling, as he has previously claimed that Ripple lost its legal battle with the SEC despite the decision on secondary sales. This skepticism about XRP’s legitimacy and future is countered by the community’s fierce defense, with many accusing Gasparino of bias and misrepresentation.

The Ripple-SEC lawsuit is more than just a battleground for legal and financial disputes; it’s a potential precedent-setter for cryptocurrency regulation in the U.S. The outcome could significantly impact how digital currencies are perceived and regulated, making it a pivotal moment for the industry. The potential shift in SEC leadership with Atniks at the helm adds another layer of uncertainty, with experts divided on whether he would be more lenient towards Ripple.

The financial strategies of Ripple’s top brass also come under scrutiny. While Chris Larsen’s substantial XRP holdings have led to significant wealth, Ripple CTO David Schwartz chose a different path, opting for a 2% equity stake in the company. This contrast underscores the varied approaches among Ripple executives to managing their financial stakes, highlighting the broader implications of wealth distribution within the crypto space.

This ongoing feud between Gasparino and the XRP community is emblematic of the tensions between traditional financial media and the burgeoning world of cryptocurrencies. As the industry continues to evolve, these debates are likely to grow more intense, reflecting the ongoing struggle for legitimacy and regulation within the crypto ecosystem.

Key Takeaways and Questions

• What is Charles Gasparino’s stance on the XRP community?

  Gasparino denies the existence of an “XRP army” and claims that the community mainly consists of individuals who enriched insiders.

• How does Gasparino view the Ripple lawsuit against the SEC?

  He criticizes the ruling as “dumb” and predicts that the SEC will not drop the case, even with potential leadership changes.

• Who is Paul Atniks, and what is his potential impact on the cryptocurrency industry?

  Paul Atniks is nominated to replace Gary Gensler as SEC Chair. Gasparino suggests that Atniks may not provide a “free pass” to the cryptocurrency industry, though some in the crypto community remain optimistic about his potential influence.

• What was the impact of the XRP price rally in Q4 2024?

  The rally significantly increased the net worth of Ripple co-founder Chris Larsen by over $6 billion, but according to Gasparino, only insiders benefited.

• How has XRP’s value changed recently?

  XRP experienced a significant price rally but has since lost a considerable portion of its gains.