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SEC's Crosshairs on XRP and Ethereum: A Fiery Debate
Prominent Bitcoin evangelist Max Keiser clashes with the XRP community over cryptocurrency regulation
In a recent fiery debate that has captivated the crypto space, the XRP community clashed with Max Keiser, advisor to the president of El Salvador and a prominent Bitcoin evangelist. The topic that ignited the heated discussion was the contentious issue of cryptocurrency regulation, specifically concerning the fate of XRP and Ethereum (ETH) in the face of mounting pressure from the SEC.
Keiser”s Stance
Keiser unequivocally stated that the regulatory overreach would inevitably lead to the demise of XRP and every other cryptocurrency, except for Bitcoin, which he deemed “untouchable.”
“Of course, the SEC is ‘overreaching,’ but that won’t stop them from killing off XRP and every other shitcoin. (Except BTC, of course. It’s untouchable). Because there is virtually no rule of law whatsoever in Wall St/finance for those with $ and clout. Brad Garlinghouse has been…” – Max Keiser, sr. Bitcoin advisor pres. Bukele
Of course the SEC is ‘overreaching’ but that won’t stop them from killing off XRP and every other shitcoin. (Except BTC, of course. It’s untouchable).
Because there is virtually no rule of law whatsoever in Wall St/finance for those with $ and clout. Brad Garlinghouse has been… https://t.co/NwH9sH6qk8
— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) June 23, 2023
John Deaton, a pro-crypto lawyer and legal representative of XRP holders, challenged Keiser’s apocalyptic prediction. He countered by highlighting the SEC’s prior labeling of Bitcoin as a security. While conceding that the commission could inflict damage on XRP, Deaton believed that the influence of its current transient regulator, Gary Gensler, would be short-lived.
He further argued that software code itself should not be classified as a security, emphasizing the need for a level playing field where the best technologies could thrive.
Unswayed by Deaton’s arguments, Keiser remained steadfast in his belief that both ETH and XRP would suffer the same fate. Dismissing chatter about Bitcoin as inconsequential, he declared that Gensler, the current SEC chairman, would pursue Ethereum and XRP as unregistered securities.
Keiser went on to assert that the regulator functioned as a protection racket for the banking cartel, ready to employ national security and the Patriot Act if necessary to eliminate these projects.
Significance of this Debate
With the ongoing debate between Keiser and the XRP community, the future of XRP and Ethereum remains uncertain. The SEC’s growing scrutiny of cryptocurrencies has raised concerns among investors and enthusiasts. While some see the SEC’s oversight as necessary for investor protection, others view it as regulatory overreach that stifles innovation in the crypto space.
The fate of XRP and Ethereum hangs in the balance as the SEC weighs its options. As the crypto community continues to debate the merits of regulation, the outcome of this showdown will have far-reaching implications for the industry.
For now, XRP holders and Ethereum investors anxiously await the SEC’s next move, hoping for a favorable resolution that will allow these cryptocurrencies to thrive and continue contributing to the ever-evolving world of digital finance.
