- 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.
First: As I predicted, the Hinman letter would be a big dud. It’s meaningless https://t.co/0woW26kO77
Next: Any chatter (2013-15) about #Bitcoin from the SEC is meaningless. It’s beyond their reach. Gensler has said this and he’s right.
The SEC will go after *BOTH* ETH & XRP… https://t.co/oR97wNwVlW
— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) June 25, 2023
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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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
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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