Bitcoin advocate Max Keiser predicts a bleak future for Ripple as he asserts that the SEC’s enforcement actions pave the way for industry giants to dominate the Bitcoin market.
Renowned Bitcoin advocate Max Keiser has made a bold prediction regarding the outcome of the legal battle between Ripple and the United States Securities and Exchange Commission (SEC). In a recent tweet, Keiser asserted that Ripple would inevitably lose the lawsuit brought against it by the SEC.
According to Keiser, the ongoing legal dispute transcends mere matters of legality. He believes that XRP, Ripple’s native cryptocurrency, was already marked for demise, and SEC Chair Gary Gensler has been entrusted with its elimination.
Keiser’s tweet coincided with another significant development in the cryptocurrency world. The Central American nation of El Salvador, spearheaded by its forward-thinking President Nayib Bukele, has substantially strived to eradicate what Keiser terms “all this nonsense.” El Salvador has passed legislation recognizing Bitcoin as a legal tender, relegating all other cryptocurrencies to unregistered securities.
Amidst these events, Keiser also took the opportunity to comment on the ongoing efforts of prominent firms aiming to establish a spot Bitcoin exchange-traded fund (ETF). WisdomTree, a well-known ETF provider, has filed an application with the SEC seeking approval to launch the WisdomTree Bitcoin Trust, a spot Bitcoin ETF. This move came shortly after BlackRock submitted a similar application.
Keiser Predicts Ripple’s Lawsuit Outcome
Keiser offered his perspective on these developments, suggesting that the SEC’s recent enforcement actions have effectively cleared the path for industry giants like BlackRock and WisdomTree to enter the Bitcoin market. In his view, independent players and crypto exchanges have been swept away by the SEC’s actions, creating an environment favorable to these established players.
Max Keiser has earned a reputation for his unwavering support of Bitcoin and outspoken criticism of alternative cryptocurrencies, particularly XRP. He has repeatedly referred to XRP, the sixth-largest cryptocurrency by market capitalization, as a “sh*tcoin.” Keiser has backed the SEC’s allegations that XRP qualifies as a security in their lawsuit against Ripple. Furthermore, he maintains that other crypto assets are “sh*tcoins and securities.”
Keiser has not hesitated to directly criticize the XRP community whenever the SEC takes action against cryptocurrencies. Following the SEC’s classification of ADA, BNB, SOL, MATIC, and others as unregistered securities, Keiser tweeted, “Sorry XRP idiots,” accompanied by a photo of himself wearing a Bitcoin-themed T-shirt featuring the words “I told you so.”
Meanwhile, members of the XRP community have displayed a readiness to respond with equal enthusiasm whenever Keiser makes derogatory remarks about XRP.
In an intriguing turn of events, John Deaton, the founder of CryptoLaw, has aligned himself with one of Keiser’s assertions regarding XRP. Deaton agrees with Keiser’s observation that XRP enthusiasts have yet to grasp that the challenges faced by cryptocurrencies are not rooted in United States law. Both Keiser and Deaton contend that the SEC, under the leadership of Chair Gary Gensler, is effectively safeguarding the interests of incumbents and perpetuating the existing status quo.
As Ripple’s lawsuit with the SEC unfolds, the cryptocurrency community eagerly awaits the final verdict that will undoubtedly have far-reaching implications for the future of Ripple and the broader digital asset space.