According to TechFlow, on October 21, Elon Musk said at a town hall meeting in Pittsburgh, Pennsylvania that he did not want to talk about any specific cryptocurrency, but believed that cryptocurrency would contribute to personal freedom.

He stressed that this does not represent his approval or disapproval of XRP. Although Musk showed some discomfort with the issue of XRP, he pointed out that cryptocurrencies could be a "bulwark" against centralized control.

Earlier news, in 2020, the U.S. Securities and Exchange Commission sued Ripple, accusing it of violating securities laws by selling XRP. The SEC claimed that XRP was an unregistered security. The case should have ended earlier this year with Ripple being fined $125 million, but the SEC appealed and reopened the case.