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- 1 Max Keiser argued that the SEC could demolish ETH and XRP with its actions.
- 2 XRP lawyer John Deaton argues against the statement.
In a debate with the crypto community, Max Keiser, El Salvador’s presidential advisor, discussed the fate of ETH and XRP amidst the issues raised by the Securities and Exchange Commission (SEC). Keiser is believed to be a significant Bitcoin evangelist. During the discussion, the topics ranged from the requirement of cryptocurrency regulations and the increasing hostility faced by the crypto industry due to regulatory actions performed by the SEC.
SEC’s Regulatory Actions Could Kill XRP, ETH, and Others
El Salvador is the country which was the first to accept BTC as a legal tender and the country’s President’s advisor spoke openly on the current scenario of the crypto industry. He argued that the regulatory crackdown could eventually result in the untimely demise of XRP and other cryptocurrencies. However, he pointed out that Bitcoin would remain unaffected as it is a cryptocurrency that is deemed to be “untouchable.”
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).
— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) June 23, 2023
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
The infamous SEC vs. Ripple case started in December 2020 and remains unresolved. Moreover, the regulatory actions taken against the crypto industry by the SEC surged by 183% after the black swan event of the sector, the FTX-saga.
John Deaton, a pro-crypto lawyer and a legal representative for the XRP holders argued against Keiser’s wild prediction. In his counter-argument, Deaton pointed out that the SEC had previously tried to rebrand BTC as a security. Accepting the dent that the lawsuit made to XRP, the lawyer asserted that the reign of Gary Gensler, the chair of the SEC, will be short-lived.
Deaton further argued that classifying a software code as a security is illogical, emphasizing the need for a level playing field for the best technologies to flourish.
Unfazed by Deaton’s argument, Keiser stuck by his statement that both XRP and ETH would face a similar tragic fate. He argued that Gary Gensler would keep trying to deem Ethereum and XRP as unregistered securities. He also characterized the chatter surrounding Bitcoin as being inconsequential.
Keiser then went on to say that with these regulatory actions, the agency is trying to safeguard banks. Furthermore, the financial watchdog seems ready to cite issues of national security and the Patriot Act if required to kill these projects.
Ethereum is trading at $1,878.45 at press time, dropping 1.96% in the last 24 hours and gaining 8.88% in the previous seven days. Its market cap suffered by 1.98% and fell to $225 billion, and its trading volume swelled by 7.29% to $6.79 billion. Ranking at number 2, its market dominance is 19.19%.
At press time, XRP is trading at $0.4806, dropping 2.70% in the last 24 hours and 1.65% over the previous seven days. Its market cap fell by 2.70% to $22.11 billion, and its trading volume swelled by 16.86% to $829 million. Ranking at number 6, XRP has a market dominance of 2.13%.
The upcoming legislation surrounding cryptocurrencies is being worked on in the United States and is slated to be voted on in early July 2023. The proposed bills will likely place the Commodities Futures Trading Commission (CFTC) way ahead of the SEC in the race for comprehensive crypto regulations.
The regulatory crackdown by the U.S. authorities has created a hostile environment for the crypto industry, causing them to move offshore. If the regulations deliver on the promises, the scenario for crypto could soon be favorable in the United States.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
