BTC Adviser to El Salvador President Shares His Opinion on XRP Security Status, Crypto Community Reacts

Bitcoin (BTC) adviser to El Salvador President Max Keiser is the latest prominent individual in the crypto community to air his opinion on the controversial legal battle between the XRP community and the United States Securities and Exchange Commission (SEC).

According to Max in a recent tweet, the SEC is correct to maintain that most crypto projects that include XRP, Ethereum, Litecoin, etc, are securities, hence the need to register with the regulator. The Bitcoin adviser to El Salvador’s president maintained that only Bitcoin satisfies the requirements of a non-security asset.

Going further, Max encouraged the U.S. SEC chairman to come on vacation to El Salvador to understand how the country grew into one of the top leading BTC nations.

Gensler Criticizes Crypto Enterprises

In a recently organized questions and answers session, The SEC chairman, Gensler, criticized crypto companies for failing to comply with laid securities principles. Per Gensler, the crypto space is built on a false decentralization narrative. Speaking further, the SEC chairman maintained that every other cryptocurrency apart from BTC is security.

Meanwhile, crypto firms have called on the SEC to establish better rules that suit the crypto market activities. In response to the call, Gensler maintained that the crypto market does not require modifications of existing security rules to function effectively. Gensler’s stance didn’t go well with top crypto chiefs, especially Ripple’s CEO, Garlinghouse, who tackled the SEC chairman over his regulatory approach for the crypto sphere.

Reactions From XRP Community As Keiser Shades Ripple

Keiser, an outspoken Bitcoin maximalist, blasted Ripple for reportedly moving into the crypto custody market. Kaiser asserted it is fraudulent to sell XRP without prior security registration. In addition, the outspoken BTC maximalist stated that the SEC was right to ban XRP in the United States.

Many XRP enthusiasts have taken to their Twitter handles to fire back at Keiser for his statements about XRP. Me Huber, a renowned XRP lover, pointed out that Judge Analisa Torres will not make it easy for the SEC to have its way against Ripple. Huber referred to one of Judge Torres’s latest rulings that made it impossible to seal the documents related to Ripple’s XRP sales to On-Demand Liquidity (ODL) customers.

As Keiser claimed that every other coin except Bitcoin is a security, Tony Edward, Thinking Crypto Podcast Founder & Host, said, “Stay off the drugs Max. You are on the wrong side of history. Gensler is not your friend, have you asked yourself why he hasn’t approved a BTC spot etf but did approve a futures and short etf?”

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.