BTC Adviser to El Salvador President Says SEC Chair Is Right to Declare XRP a Security

Keiser asserts that XRP is a security. 

Max Keiser, an adviser to the government of El Salvador on Bitcoin, said SEC Chairman Gary Gensler is right to state that most crypto assets, including XRP, are securities. 

The Bitcoin proponent remarked that “everything not Bitcoin” is a security, including top crypto assets like XRP and Ether (ETH). The Senior Bitcoin Adviser to President Nayib Bukele stated that El Salvador has already established laws recognizing only Bitcoin as non-security. 

“We’re #Bitcoin Country, and we’re thriving,” said Keiser.  

Furthermore, Keiser invited the chairman of the United States Securities and Exchange Commission to visit El Salvador in order to learn how it became the leading Bitcoin country in the world. 

Gary’s right.

Everything not #Bitcoin is a security (including ETH & XRP).

We already put this into law in #ElSalvador

We’re #Bitcoin Country and we’re thriving.

I invite @GaryGensler to 🇸🇻 to come and see how we became the leading #BTC country in the world. https://t.co/yfB0vHAsuj

— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) May 16, 2023

Gensler Slams Crypto Businesses 

Keiser made this known while reacting to Genler’s recent statement about cryptocurrency regulations. In a recent question-and-answer session, the SEC boss slammed crypto firms for not complying with existing securities rules. He also said that the crypto market is based on a “false narrative” of decentralization. 

Gensler has reiterated that most cryptos other than Bitcoin are securities. Despite claiming that most crypto assets fall under the SEC’s purview, Gensler has refused to heed the demands of crypto stakeholders, who have been calling on the commission to establish new and clear rules for the emerging market. 

Per Gensler, the crypto industry does not require new guidelines, as existing securities laws also apply to the industry. Top crypto stakeholders, including Ripple CEO Brad Garlinghouse, have slammed Gensler over his preferred regulatory approach for the industry. He has been accused of favoring regulation by enforcement over rulemaking. 

XRP Fans React as Keiser Shades Ripple 

Meanwhile, Keiser has always been vocal on crypto-related matters. Earlier this week, the controversial Bitcoin maximalist slammed Ripple following its move into the crypto custody market. 

Per Keiser, Ripple is a “cro*k” for selling unregistered securities to United States investors. The Bitcoin maximalist further noted that the SEC was right to shut down the company from operating in the U.S.  

.@Ripple are crooks. Their business model is selling unregistered securities. The SEC is right to shut them down. https://t.co/gQueVd2GHZ

— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) May 17, 2023

As expected, Keiser’s comment did not sit well with XRP community members, who engaged the Bitcoin maximalist in a series of tweets. Prominent XRP enthusiast Mr. Huber (@Leerzeit) noted that Judge Analisa Torres does not look like someone who would let the SEC have its way against Ripple. 

Mr. Huber referenced Judge Torres’ recent ruling, where she ordered the sealing of documents related to Ripple’s XRP sales to On-Demand Liquidity clients due to the fact that ODL is the company’s main line of business. 

A judge calling to protect Ripples sales of xrp because it’s their main line of business also doesn’t sound the slightest like a judge who is going to shut it down. @maxkeiser @mattkratter 😂 https://t.co/uIoytEQA3a

— Mr. Huber🔥🦅🔥 (@Leerzeit) May 18, 2023