The SEC’s Next Target XRP and ETH? Keiser Dismisses Hinman Emails as Irrelevant
Keiser, a strong supporter of Bitcoin, has once again launched an offensive against XRP and confidently states that the Hinman emails hold no significance.
- Max Keiser predicts that the SEC will target XRP and ETH as unregistered securities.
- Attorney Deaton argues that the SEC’s attempt to eradicate XRP will fail and highlights the complexity of the legal issues surrounding the case.
- Keiser dismisses Hinman’s emails as meaningless and accuses the SEC of running a protection racket for banks.
Bitcoin enthusiast Max Keiser predicts that the U.S. SEC will pursue XRP and ETH as unregistered securities. This was revealed in a recent Twitter exchange between Keiser and CryptoLaw founder John E. Deaton.
The Heated Debate
In the ongoing saga between Keiser and XRP, Ripple CTO David Schwartz and attorney Deaton have entered the fray. Deaton has taken aim at Bitcoin maxis, including Keiser, for supporting the SEC’s overreach against other crypto projects, despite claiming to be Libertarians.
Keiser agrees that the SEC is overreaching, but he believes that it won’t stop them from killing off XRP and other “sh*tcoins.” Despite Ripple CEO Brad Garlinghouse’s efforts to keep his “Ponzi scheme” afloat, Keiser believes that he can’t outspend the Feds and JPMorgan Chase CEO Jamie Dimon. He predicts that it’s only a matter of time before the SEC “cuts down” XRP.
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 🌋🧢 (@maxkeiser) June 23, 2023
In a recent statement, attorney Deaton made it clear that the SEC’s attempt to eradicate XRP would not be successful. Deaton emphasized that the software code of XRP cannot be classified as a security. While acknowledging that the SEC could cause temporary liquidity issues for XRP, Deaton suggested that this would be a short-term problem. Deaton also noted that SEC Chair Gary Gensler, who has taken a hardline stance on cryptocurrencies, will only hold his position for two years.
This implies that any regulatory actions taken by Gensler could be short-lived. Furthermore, Deaton pointed out that even if the court ruled that Ripple violated section 5 of the Securities Act, it would not necessarily mean that XRP is a security.
Does the Hinman Doc Mean Nothing?
It was a moment of vindication for the Bitcoin maximalist who had predicted the contents of Hinman’s emails. As it seems, he dismissed the Hinman emails as meaningless and produced an article that showed how XRP had taken a nosedive immediately after Ripple had released the document.
Hide the email Hinman meme pic.twitter.com/n3WQb4ycSg
— TheCryptoMemeGuy (@xrpmemeguy) July 13, 2022
According to the Bitcoin enthusiast, the regulatory agency was poised to come down hard on XRP and ETH, both of which he claimed were unregistered securities. He went on to accuse the SEC of running a protection racket for banks and insinuated that the commission would not hesitate to invoke the “National Security & the Patriot Act” if it needed to justify its crackdown against altcoins.