HomeNewsBitcoin Advocate Keiser Reiterates SEC's Focus on XRP and ETH, Disregards Impact...

Bitcoin Advocate Keiser Reiterates SEC’s Focus on XRP and ETH, Disregards Impact of Hinman Emails

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  • Bitcoin advocate Max Keiser suggests the SEC will target XRP and Ethereum (ETH) as unregistered securities, brushing off the impact of Hinman’s emails.
  • Attorney John E. Deaton argues that the SEC cannot destroy XRP, considering software code doesn’t constitute a security.

Prominent Bitcoin supporter Max Keiser has rekindled his criticism of Ripple’s XRP and Ethereum (ETH), predicting that the U.S. Securities and Exchange Commission (SEC) will chase these digital assets for being unregistered securities. Keiser downplayed the significance of the Hinman emails in a recent Twitter conversation with John E. Deaton, the founder of CryptoLaw.

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Keiser’s incessant criticism of XRP had previously sparked a response from Ripple CTO David Schwartz and Deaton, an XRP advocate. Deaton criticized Bitcoin maximalists, like Keiser, who paradoxically endorse the SEC’s overextension against other crypto projects while self-identifying as Libertarians.

In response, Keiser conceded to the SEC’s overreach but argued this wouldn’t prevent the regulatory body from cracking down on XRP and other cryptos he labeled as “sh*tcoins”. Keiser contended that despite Ripple CEO Brad Garlinghouse investing millions to maintain “his Ponzi scheme”, he wouldn’t be able to outcompete the Federal government and Jamie Dimon, JPMorgan Chase CEO. Keiser predicted that the SEC will inevitably “cut down” XRP.

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Counterarguing, Deaton pointed out that the SEC couldn’t annihilate XRP as software code doesn’t fall under the security category. He acknowledged that the SEC could temporarily disrupt XRP’s liquidity, but he emphasized the transient nature of the SEC Chair Gary Gensler’s tenure, predicting his departure within two years. He added that even if the court ruled that Ripple contravened section 5 of the Securities Act, it wouldn’t categorize XRP as a security.

Keiser, however, dismissed the SEC’s past opinion on Bitcoin as irrelevant and declared Hinman’s emails as meaningless, citing an article about XRP’s price drop after Ripple’s document release. He reinforced his view that the SEC would pursue XRP and ETH as unregistered securities, hinting at the SEC’s potential justification based on the “National Security & the Patriot Act” for its clampdown on altcoins.

Keiser concluded by saying that XRP and ETH wouldn’t survive the regulatory battle, reiterating his belief in the SEC’s eventual triumph despite the lawsuit against Ripple extending beyond legal issues. He maintained his stance that XRP is not only a “sh*tcoin” but also an unregistered security.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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