Keiser Says Ripple CEO Can’t Save His Ponzi Scheme Despite Spending Millions

Max Keiser claims Ripple CEO’s spending fails to save “Ponzi scheme,” while a pro-XRP lawyer disputes SEC’s power in the ongoing battle.

In an ongoing war of words between renowned Bitcoin maximalist Max Keiser and some members of the Ripple and XRP communities, Keiser has made a bold claim once again. He asserted that Ripple CEO Brad Garlinghouse’s extravagant spending has failed to salvage what Keiser labels a “Ponzi scheme.”

While Keiser criticized the US Securities and Exchange Commission (SEC)’s overreach, he remained convinced that the regulatory body would ultimately dismantle XRP and other cryptocurrencies that he dismissively called “shitcoins.”

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

To illustrate his view, Keiser pointed out the influence of wealth and power in Wall Street and the finance sector. He argued that Garlinghouse’s efforts, despite his substantial financial resources, would be in vain when faced with the might of the federal government and influential figures, Jamie Dimon, an American billionaire.

“Brad Garlinghouse has been spending a lot to keep his Ponzi scheme going, but he can’t outspend the Feds & Jamie Dimon,” the Bitcoin maxi remarked.

Recall that the Ripple CEO said the firm would expend over $100 million in legal fees against SEC, as The Crypto Basic disclosed.

Furthermore, Keiser’s statements reflect his staunch support for Bitcoin, which he believes is immune to regulatory intervention. While acknowledging the SEC’s potential to cause damage, such as reducing liquidity and prompting delistings, Keiser remained adamant that XRP’s fate was sealed.

Pro XRP Lawyer Reacts

However, a response from John Deaton, a prominent lawyer advocating for XRP, challenged Keiser’s assertions. Deaton contended that the SEC lacks the power to ‘kill’ XRP entirely, referencing a past incident when the SEC debated whether Bitcoin should be classified as a security.

Deaton emphasized that a regulatory body’s classification can not dictate the inherent nature of a crypto coin and asserted that XRP would prevail despite any potential violations committed by Ripple.

Max, the SEC can’t “kill” XRP. I’m sure you’re aware that in 2013-2015 some people at the SEC were calling #Bitcoin a security (which is insane).👇 is a video of Joe Grundfest in 2015 discussing it. Don’t get me wrong the SEC can and has caused damage (ie dry up liquidity) and…

— John E Deaton (@JohnEDeaton1) June 23, 2023

Deaton further criticized the SEC’s actions, claiming that Ethereum (ETH) had received preferential treatment due to regulatory capture by select investors. He advocated for a level playing field where the best technologies could thrive, envisioning a fairer America.

As Ripple’s legal battle with the SEC intensifies, the fate of XRP hangs in the balance. Although Ripple executives have predicted the case will end in the coming weeks, as The Crypto Basic reported.