Elrond, Lord of Rivendell — ruling 1

As the Ring tempts you, you get an emblem named The Ring if you don't have one. Then your emblem gains its next ability and you choose a creature you control to become (or remain) your Ring-bearer.

Elrond, Lord of Rivendell — ruling 2

The Ring can tempt you even if you don't control a creature. In this case, abilities that trigger "whenever the Ring tempts you" will still trigger.

Elrond, Lord of Rivendell — ruling 3

If the creature you choose as your Ring-bearer was already your Ring-bearer, that still counts as choosing that creature as your Ring-bearer for the purpose of abilities that trigger "whenever you choose a creature as your Ring-bearer" or abilities that care about which creature was chosen as your Ring-bearer.

Elrond, Lord of Rivendell — ruling 4

The Ring gains its abilities in order from top to bottom. Once it gains an ability, it has that ability for the rest of the game.

Elrond, Lord of Rivendell — ruling 5

Each time the Ring tempts you, you must choose a creature if you control one.

Elrond, Lord of Rivendell — ruling 6

Each player can have only one emblem named The Ring and only one Ring-bearer at a time.

Elrond, Lord of Rivendell — ruling 7

Some spells and abilities that cause the Ring to tempt you may require targets. If each target chosen is an illegal target as that spell or ability tries to resolve, it won't resolve. The Ring won't tempt you.

Elrond, Lord of Rivendell : règles, fonctionnement et interactions (MTG)

Elrond, Lord of Rivendell is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

Whenever Elrond or another creature you control enters, scry 1. If this is the second time this ability has resolved this turn, the Ring tempts you.

How it works : Elrond, Lord of Rivendell

Original English text — Wizards of the Coast / Scryfall

#1June 16, 2023· Wizards of the Coast
As the Ring tempts you, you get an emblem named The Ring if you don't have one. Then your emblem gains its next ability and you choose a creature you control to become (or remain) your Ring-bearer.
No other card is named in this ruling.
#2June 16, 2023· Wizards of the Coast
The Ring can tempt you even if you don't control a creature. In this case, abilities that trigger "whenever the Ring tempts you" will still trigger.
No other card is named in this ruling.
#3June 16, 2023· Wizards of the Coast
If the creature you choose as your Ring-bearer was already your Ring-bearer, that still counts as choosing that creature as your Ring-bearer for the purpose of abilities that trigger "whenever you choose a creature as your Ring-bearer" or abilities that care about which creature was chosen as your Ring-bearer.
No other card is named in this ruling.
#4June 16, 2023· Wizards of the Coast
The Ring gains its abilities in order from top to bottom. Once it gains an ability, it has that ability for the rest of the game.
No other card is named in this ruling.
#5June 16, 2023· Wizards of the Coast
Each time the Ring tempts you, you must choose a creature if you control one.
No other card is named in this ruling.
#6June 16, 2023· Wizards of the Coast
Each player can have only one emblem named The Ring and only one Ring-bearer at a time.
No other card is named in this ruling.
#7June 16, 2023· Wizards of the Coast
Some spells and abilities that cause the Ring to tempt you may require targets. If each target chosen is an illegal target as that spell or ability tries to resolve, it won't resolve. The Ring won't tempt you.
No other card is named in this ruling.