The XRP group and Max Keiser, a renowned Bitcoin enthusiast and counsellor to the president of El Salvador, engaged in a heated argument that has recently captured the attention of the cryptocurrency community. The contentious topic of cryptocurrency regulation, in particular the future of XRP and Ethereum (ETH) in the face of increasing pressure from the SEC, was the topic that sparked the acrimonious discussion.
With the exception of Bitcoin, which he considered “untouchable,” Keiser unambiguously admitted that the regulatory overreach would inevitably lead to the downfall of XRP and every other cryptocurrency.
XRP holders’ authorized consultant John Deaton, a pro-crypto lawyer, refuted Keiser’s doomsday prognostication. He responded by pointing out that Bitcoin has previously been classified as a safety by the SEC. Deaton acknowledged that the price might hurt XRP, but he thought Gary Gensler, the current transitory regulator, might only have a temporary impact.
He also claimed that software code itself shouldn’t be classified as a security, highlighting the need for a level playing field where the best technologies may flourish.
Keiser remained strong in his belief that both ETH and XRP would experience the same fate, unmoved by Deaton’s arguments. He said that Gensler, the current SEC chairman, will pursue Ethereum and XRP as unregistered securities, dismissing talk about Bitcoin as unimportant. Keiser continued by asserting that the regulator served as a safety racket for the banking cartel, ready to eliminate these functions, if necessary, by using national security and the Patriot Act.
