The crypto community, especially those invested in XRP, found themselves embroiled in heated debates over the weekend, triggered by comments from Fox Business correspondent Charles Gasparino. The focal point of these discussions was Judge Analisa Torres’s ruling on XRP sales and disclosure standards, which has sparked significant controversy regarding investor protections and regulatory oversight.
Gasparino, known for his outspoken views, criticized Judge Torres’s decision on X, calling it “dumb” and accusing it of setting a double standard by allegedly promoting less disclosure for retail investors compared to institutional ones.
The Torres XRP ruling was dumb; can’t have a lower disclosure standard for retail. IMHO it gets overturned if the SEC under Trump keeps that case going and that’s still a question. So be prepared and don’t shoot the messenger dummies! https://t.co/SgvFdaJ3h2
— Charles Gasparino (@CGasparino) December 27, 2024
This backlash was in response to his participation in a podcast with Anthony Pompliano, where he initially highlighted the SEC’s regulatory overreach concerning Ripple but then criticized the judicial outcome. His critique went as far as calling Judge Torres a “moron” for what he perceives as an illogical ruling.
The reaction from the XRP community was immediate and fierce, accusing Gasparino of bias and suggesting he might want Ripple to lose in its legal battle against the SEC. This sentiment was particularly strong as the community gears up for the next significant court date on January 15, which could influence the future of XRP and Ripple.
Prominent XRP advocate and lawyer Bill Morgan entered the fray with a detailed rebuttal on X, countering Gasparino’s narrative. Morgan clarified that Judge Torres’s ruling did not establish a lower disclosure standard for retail investors, emphasizing that the decision was specifically about programmatic sales and not all secondary market transactions. He argued that should Ripple win its appeal, the concerns over disclosure standards would become moot as XRP would not be classified as securities in any sales scenario.
Further escalating the controversy, Gasparino dismissed the notion of an “XRP army,” suggesting instead that those advocating for XRP are merely investors hoping to benefit from price increases that would enrich insiders. This isn’t the first instance of Gasparino clashing with the XRP community; previously, he described them as a “cult” and maintained that Ripple had lost its case against the SEC, despite judicial rulings to the contrary.
The ongoing public spat had a tangible impact on XRP’s market performance. Following the heated exchanges, XRP’s price took a notable hit, dropping to as low as $2 before partially recovering to $2.10. At last check, it was trading at $2.06, down
8.40% for the week. Gasparino himself commented on this, linking the price decline to his confrontations with what he terms “XRP soldiers,” pointing out that such volatility might be driven by the community’s speculative activities on social media platforms.
Despite the criticism, Gasparino has stood firm, using X to respond to numerous critiques, asserting that his reporting will remain unbiased and reflective of his observations, regardless of the community’s reactions. This saga underscores the tension between media commentary, community sentiment, and market dynamics in the volatile world of cryptocurrency, where regulatory decisions can sway investor confidence and asset value dramatically.
