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Bitcoin expert: It’s a matter of when, not if XRP ‘Ponzi’ gets cut down by SEC

Bitcoin expert: It’s a matter of when, not if XRP 'Ponzi' gets cut down by SEC

As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) unfolds, experts continue to speculate on the possible outcomes for both parties involved.

In this line, renowned Bitcoin (BTC) expert and outspoken critic Max Keiser has suggested that the SEC would ultimately succeed in bringing down XRP while criticizing Ripple CEO Brad Garlinghouse, referring to his operation as a “Ponzi scheme”, he said in a tweet on June 23. 

Keiser emphasized that he believes it is only a matter of time before the regulatory authority takes action against XRP while acknowledging that the SEC’s actions may be considered by some as “overreaching,” but nevertheless predicting significant consequences for most cryptocurrencies, except Bitcoin.

The Bitcoin expert further proposed that the financial world, particularly on Wall Street, lacks a comprehensive rule of law that tends to favor individuals with wealth and influence.

“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 spending a lot to keep his Ponzi scheme going, but he can’t outspend the Feds & Jamie Dimon. It’s just a matter of when, not if, when XRP gets cut down,” he said.

Questions over SEC’s conduct 

Keiser expressed his sentiment in response to a tweet by pro-XRP lawyer John Deaton on June 22. Deaton had criticized Bitcoin maximalists for celebrating what he referred to as the SEC’s excessive regulatory practices in the cryptocurrency space.

“What is inconsistent is that so many BTC Maxis fancy themselves Libertarians and then applaud or celebrate the massive and gross overreach by the SEC,” he said. 

It is worth noting that Keiser has previously been critical of Ripple, suggesting that the company stands no chance against the regulator. In a report by Finbold, Keiser highlighted that the blockchain firm cannot triumph over the SEC, stating that XRP is essentially “marked for death.”

Impact of SEC lawsuit 

The outcome of the SEC’s lawsuit against Ripple Labs and its potential consequences for the future of XRP remains uncertain. The case holds significant importance for investors and enthusiasts who closely monitor the ongoing legal proceedings, as they can potentially shape the regulatory environment for digital assets.

At the moment, the crypto community eagerly awaits the announcement of the date for the summary judgment following the conclusion of the hearing. 

Adding to the anticipation, a significant development unfolded when the controversial Hinman documents were unsealed, offering insights into the regulator’s initial perspective on the classification of digital assets.

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