In a surprising turn, prominent Bitcoin advocate Max Keiser made a bold prediction regarding the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). Keiser took to Twitter to state that Ripple would ultimately lose the case against the regulatory agency. Contrary to popular belief, Keiser argued that the lawsuit was never about the law. According to him, XRP, the native cryptocurrency of Ripple, was already marked for extinction, with SEC Chair Gary Gensler assigned to carry out the deed.
Keiser also addressed recent developments in the cryptocurrency landscape, notably highlighting El Salvador’s groundbreaking decision to legalize Bitcoin as a legal tender. He commended the country’s move as a significant step toward eliminating what he referred to as “all this nonsense.” In his view, while Bitcoin gains recognition as a legitimate currency, other digital assets are labeled unregistered securities.
A noteworthy aspect of Keiser’s commentary was his remarks concerning the efforts of prominent firms to establish spot Bitcoin exchange-traded funds (ETFs). WisdomTree, a popular ETF provider, recently submitted an application to the SEC seeking approval to launch the WisdomTree Bitcoin Trust, which would operate as a spot Bitcoin ETF. Keiser contended that the SEC’s enforcement actions had effectively paved the way for prominent players like BlackRock and WisdomTree to enter the Bitcoin market, effectively sidelining independent players and crypto exchanges.
Keiser’s Vocal Support for Bitcoin and Ripple Lawsuit Criticism Rattles Crypto Community
Keiser’s firm support for Bitcoin and criticism of alternative cryptocurrencies, particularly XRP, is well-known. He has consistently referred to XRP as a “sh*tcoin,” he has aligned himself with the SEC’s allegations that XRP is a security in the ongoing lawsuit against Ripple. Keiser extends his disdain to other crypto assets, dubbing them “sh*tcoins and securities.” Each time the SEC takes enforcement action against the crypto industry, Keiser seizes the opportunity to aim at the XRP community, leaving derogatory comments and asserting his “I told you so” stance.
Surprisingly, Keiser found an unexpected ally in John Deaton, the founder of CryptoLaw. Deaton, a supporter of XRP, concurred with one of Keiser’s assertions about the SEC and Ripple. Keiser had previously stated that XRP enthusiasts fail to grasp that U.S. law is not the core issue for cryptocurrencies. He emphasized that the SEC’s primary objective seems to be eliminating competition on behalf of established entities. Deaton, in agreement with Keiser, further accused SEC Chair Gary Gensler of protecting incumbents and the existing status quo.
As the legal battle between Ripple and the SEC continues, the cryptocurrency community eagerly awaits the outcome, while Max Keiser’s predictions and alliances attract significant attention. The implications of this case reach far beyond Ripple, potentially setting precedents and shaping the future of the crypto industry as regulatory scrutiny intensifies.
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