The XRP community squared up against Max Keiser, a well-known Bitcoin promoter and counsellor to the president of El Salvador, in a recent heated argument that enthralled the cryptocurrency world. The contentious topic of cryptocurrency regulation, especially the destiny of XRP and Ethereum (ETH) in the face of increasing pressure from the SEC, was what started the acrimonious conversation.
Except for Bitcoin, which he considered “untouchable,” Keiser categorically asserted that the governmental overreach will eventually result in the downfall of XRP and every other cryptocurrency.
Keiser’s ominous prognostication was refuted by John Deaton, a pro-crypto attorney and the legal representative of XRP holders. He responded by pointing out that Bitcoin has previously been classified as a security by the SEC. Deaton conceded that the commission may harm XRP, but he thought Gary Gensler, the current temporary regulator, would have a limited impact.
The necessity for a fair playing field so that the best technologies may succeed was stressed in his additional argument that software code itself should not be categorised as a security.
Keiser was unconvinced by Deaton’s reasoning and remained adamant that ETH and XRP will meet the same end. 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 claiming that the regulator served as a protection racket for the banking cartel and was prepared to use the Patriot Act and national security if necessary to halt these initiatives.
