Max Keiser Sparks Outrage With Controversial Comment on XRP, ADA, ETH

Max Keiser, a Bitcoin proponent and advisor to the president of El Salvador, has made another controversial statement on Twitter. Keiser refers to ETH, XRP, ADA, BNB and 20,000 other cryptocurrencies, as well as NFTs, as scams in a tweet.

Keiser has frequently taken an aggressive stance toward altcoins, mostly criticizing them in his tweets. The Bitcoin proponent has referred to all coins except Bitcoin as securities. In his latest tweet, Keiser escalates his criticism by referring to them as scams.

Selling toxic garbage to innocents is not an “innovation.” Scammers have been doing it for 2,000 yrs. Shitcoins are, by definition, scams. This includes ETH XRP ADA BNB + 20,000 others & NFT’s.

Maybe #ElSalvador isn’t for you. Go to Dubai. They love scammers. https://t.co/XrW5zOpXFN

— Max Keiser, sr. bitcoin advisor pres. Bukele (@maxkeiser) June 27, 2023

Often criticizing XRP in his tweets, Keiser referred to it as unregistered security and claimed that the SEC was right to go after it.

Over the weekend, Keiser took another aim at XRP. He agreed that the SEC was overreaching. He argues that this knowledge will not prevent the SEC from killing off XRP and other cryptocurrencies. But Keiser describes BTC as “untouchable.”

The XRP community has lashed out at Max Keiser, responding to each of his tweets with, often, justifiable answers.

In response, CryptoLaw founder and XRP holders’ attorney John Deaton stated that the SEC could not kill XRP as a software code is not a security.

Throughout, regulators such as the U.S. Securities and Exchange Commission have consistently increased their enforcement actions. One of the key SEC cases is a 2020 lawsuit against Ripple Labs. According to the complaint, the company neglected to register XRP as a security.

Many crypto businesses have expressed concern about a lack of clarity over which rules, if any, they are expected to follow.

Earlier in June, the SEC roiled the crypto markets by launching lawsuits against the two biggest crypto exchanges, Binance and Coinbase. Both companies say they do not offer coins that could be considered securities.

The crypto market reacted in the wake of the development. IOG, the developer of the Cardano blockchain, said in a statement that its ADA token is “under no circumstances a security and that the SEC’s filing “contains numerous factual inaccuracies.”

Solana and Polygon likewise made it known that their native tokens, SOL and MATIC, do not qualify as securities.