Bitrabo Editorial
As the crypto industry awaits the final verdict in the ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC), different opinions and perspectives continue to arise.
On May 23, a well-known Bitcoin supporter Max Keiser expressed his displeasure with XRP and its community in a tweet. He stated that according to El Salvador’s legal position on crypto asset definition, XRP is a “shitcoin.”
Ripple’s CTO Responds to SEC Action; Max Keiser Criticizes
Keiser’s remark was made as a response to a tweet posted by Ripple’s CTO David Schwartz. Schwartz voiced his opinion on the regulatory position of cryptocurrencies taken by the SEC, and he mentioned that the resolution of the Ripple lawsuit may affect the US crypto industry. According to Schwartz, US residents’ legal participation in the crypto space would be uncertain if the SEC’s legal position considered all crypto assets except Bitcoin to be securities. He also highlighted that Coinbase still carries out some token sales that the SEC regards as securities to US residents.
In response, Max Keiser commented that the legal position of XRP in El Salvador is as a “shitcoin.”
In general, a digital asset is referred to as a shitcoin if it has limited value, has questionable technology, has weak development teams or operates with fraudulent goals.
Before his “shitcoin” comment, Keiser had criticized XRP in his tweet, saying that every crypto asset other than Bitcoin is considered a security in El Salvador.
Max Keiser is a well-known Bitcoin maximalist and a current Bitcoin advisor to the El Salvador government. He has recently become a fierce critic of altcoins, with a particular focus on XRP.
XRP Supporters Respond to Keiser’s Statement
XRP enthusiasts expressed their anger at Keiser’s criticism of their token. One user teased Keiser about Bitcoin’s failure in El Salvador. Another commenter mentioned that no one was concerned about Keiser’s mental state, and it is pitiful to watch once smart and respectable individuals lose their minds to maximalism. A third user, Dr. Haus, indicated that Keiser is preoccupied with XRP because the asset represents a threat to him.
At the time of writing, XRP is trading at $0.4539, indicating a decline of 2.26% over the past 24 hours.
Featured image from Pixabay and chart from TradingView