The sixth-largest cryptocurrency by market value, XRP, attracted attention after Bitcoin (BTC) supporter Max Keiser tweeted a message about it.
In response to a tweet suggesting that XRP cannot be regarded as a security and that Ripple has spent over $200 million on its legal defence against the SEC case, Keiser stated that Ripple had spent this amount.
Max Keiser, a longtime opponent of XRP and other digital currencies known as “altcoins,” said, “Where I reside, El Salvador, everything that isn’t Bitcoin is a security. XRP would fall under this.
In addition to asserting that the SEC was correct to pursue Ripple, Keiser has previously referred to XRP as a security. The meme currency PEPE was recently described as an unregistered security by Keiser.
Keiser was ridiculed by members of the XRP community for the “low bitcoin usage” in El Salvador, saying: “Where you live, no one is allowed anything but Bitcoin, and yet still no one is using it.”
Dr. Haus, a member of the XRP community, said, “Max tweets about XRP regularly; it lives rent-free inside his thoughts. Why, I wonder? He wouldn’t be so fixated on and bothered with XRP if he didn’t feel that it endangered him so much.
The outcome of the Ripple-SEC litigation is crucial because, according to Ripple CTO David Schwartz, “the stakes are whether US persons can participate legally in everything else in the crypto space” if the SEC’s legal stance holds that all tokens other than bitcoin are securities.
The SEC’s measures have angered the crypto sector, and several industry professionals have cautioned that this may force enterprises to operate outside of the United States.
The watchdog recommended that Kraken, a cryptocurrency exchange, stop offering its so-called staking service early this year. This service offers consumers incentives on their tokens after settlement that resemble interest.
