Noted bitcoin advocate Max Keizer insists that all cryptocurrencies except bitcoin should be classified as securities.
In a recent tweet, Max Keizer, advisor to the El Salvadoran government on bitcoin, boldly declared that XRP and all other cryptocurrencies should be classified as securities except bitcoin.
Kaiser’s tweet was in response to recent statements by US Securities and Exchange Commission (SEC) chairman Gary Gensler regarding the regulatory classification of digital assets. On May 15, during a Q&A session at the 27th Annual Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta, Gensler referred to crypto markets as “generally non-compliant”, adding that they are a “false narrative”. were based on. of decentralization”.
In response to Gensler’s statement, Keizer tweeted on May 16; ,
“Gary is right. Not everything bitcoin is a security (including ETH and XRP). In El Salvador we already made it a law. We are bitcoin country and we are thriving. I invite you to come and see how we have become the leading BTC country in the world.
But Kaiser’s criticism of XRP didn’t end there. On Wednesday, May 17, the self-proclaimed bitcoin maximalist continued his campaign, labeling Ripple as a “rogue” and supporting the SEC’s decision to shut them down.
“Wipple is crook. Their business model is selling unregistered securities. SEC is right to shut them down,” Keizer said this while commenting on an article highlighting Ripple’s $250 million acquisition of Swiss custody firm Metaco.
Kaiser’s recent rant has sparked intense discussion within the cryptocurrency community, with some members of the XRP community engaging Bitcoiner in a heated conversation. Mr. Huber, a notable XRP enthusiast, cited a recent ruling by Judge Analisa Torres. Recently, a judge ordered the sealing of documents related to Ripple’s XRP sales to On-Demand Liquidity customers, citing the need to protect sensitive information related to Ripple’s primary business line.
“A judge called in to defend Ripple’s XRP sales because it’s also their main line of business doesn’t sound one bit like a judge going to shut it down,” Huber tweeted on Thursday, May 18, tagging Keizer.
That said, the claim by Kaiser, who has long been an ardent supporter of bitcoin, highlights a growing debate over the regulatory status of various cryptocurrencies. Keizer implies that these digital assets should be subjected to stricter regulations in order to protect the interests of investors by classifying cryptocurrencies as securities. On various occasions, Chair Gensler reiterated that all cryptocurrencies apart from bitcoin are securities and should be regulated under existing laws.
That said, amid the ongoing debate surrounding cryptocurrency regulation, industry participants, investors, and regulators anxiously await clear guidelines from the SEC or lawmakers. It will also be interesting to see what the court ultimately decides in the ongoing SEC vs Ripple trial as judgment day draws closer.