SEC Advisor Predicts Demise of XRP and Ethereum (ETH): Here’s the Reason
The post SEC Advisor Predicts Demise of XRP and Ethereum (ETH): Here’s the Reason appeared first on Coinpedia Fintech News
The rising scrutiny of the U.S. Securities and Exchange Commission (SEC) has sparked a high-profile dispute surrounding the future of XRP and Ethereum (ETH). Noted Bitcoin advocate and advisor to the president of El Salvador, Max Keiser engaged in a heated debate with the XRP community regarding cryptocurrency regulation.
First: As I predicted, the Hinman letter would be a big dud. It’s meaningless https://t.co/0woW26kO77
Next: Any chatter (2013-15) about #Bitcoin from the SEC is meaningless. It’s beyond their reach. Gensler has said this and he’s right.
The SEC will go after *BOTH* ETH & XRP… https://t.co/oR97wNwVlW
— Max Keiser, sr. bitcoin advisor pres. Bukele
(@maxkeiser) June 25, 2023
Keiser’s Doomsday Prediction and Deaton’s Counterarguments: Keiser consistently criticized XRP, calling it too centralized and even referring to it as a “security” in a previous tweet. He argued that regulatory overreach would ultimately lead to the downfall of XRP and most other cryptocurrencies, except Bitcoin, which he deemed “untouchable.”
John Deaton, representing XRP holders, challenged this notion by highlighting the SEC’s previous classification of Bitcoin as a security. Deaton acknowledged the potential harm the SEC could inflict upon XRP but suggested that the influence of its current temporary regulator, Gary Gensler, would be short-lived. Deaton emphasized the importance of establishing a level playing field and avoiding the classification of software code as a security to allow innovative technologies to thrive.
Keiser’s Stance and Market Sentiments
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).
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
— Max Keiser, sr. bitcoin advisor pres. Bukele
Despite Deaton’s counterarguments, Keiser maintained that both Ethereum and XRP would face similar consequences. Dismissing discussions about Bitcoin as inconsequential, he asserted that SEC Chairman Gary Gensler would pursue Ethereum and XRP as unregistered securities.
Keiser further claimed that the SEC served as a protective shield for the banking cartel, willing to invoke national security measures such as the Patriot Act to eliminate these projects. Consequently, Keiser concluded that it was only a matter of time before XRP faced significant challenges.
The cryptocurrency community is understandably concerned about the potential regulation of XRP and Ethereum. Market investors are closely monitoring the SEC’s activities, recognizing their potential far-reaching effects on the crypto market. However, it remains impossible to accurately predict the SEC’s actions and the long-term effects of governmental measures on the highly volatile cryptocurrency market.
Awaiting Regulatory Clarity
Stakeholders eagerly await regulatory clarity from the SEC, hoping for the establishment of a stable and suitable regulatory framework for cryptocurrencies. Despite the XRP community’s acquisition of 10 million tokens, leading to an increase in token value, it is challenging to predict whether XRP will experience a significant price surge or bubble.
The ongoing debate between Max Keiser and John Deaton highlights the divergent views on cryptocurrency regulation. However, due to the unpredictable nature of the SEC’s actions, it is challenging to foresee the future of XRP and Ethereum. The market sentiment remains cautious, with investors eagerly awaiting regulatory clarity that will provide stability and a conducive environment for cryptocurrencies to thrive.
