XRP, ADA, ETH Are Scams: Max Keiser’s Outrageous Remarks Spark Fury

Renowned Bitcoin advocate and advisor to the president of El Salvador, Max Keiser, has once again stirred up controversy with a recent tweet. Taking to Twitter, Keiser boldly denounced a wide range of cryptocurrencies, including ETH, XRP, ADA, BNB, and countless others, labeling them as scams.

Oh, and he didn’t stop there; he also included NFTs in his scathing remark.

What Prompted These Allegations?

Known for his aggressive stance towards altcoins, Keiser has frequently voiced his criticism of them on social media. Consistently referring to any coin other than Bitcoin as securities, he has become a controversial figure within the crypto community. In his latest tweet, he took his critique to new heights by categorizing them as scams.

Selling toxic garbage to innocents is not an “innovation.”

Among his targets, Keiser frequently singles out XRP, denouncing it as an unregistered security and lending his support to the SEC’s actions against it. This weekend, he took yet another jab at XRP, concurring that the SEC was overstepping its bounds. Despite this acknowledgment, he remains convinced that the SEC will quash XRP and other cryptocurrencies, while describing BTC as “untouchable.”

XRP Community Lashes Out

Max Keiser’s remarks sparked a backlash from the XRP community, who responded with justifiable counterarguments. In their defense, John Deaton, the founder of CryptoLaw and an attorney representing XRP holders, stated that the SEC cannot eliminate XRP as it is merely software code and not a security.

Is The Lack Of Regulatory Clarity To Blame?

The regulatory landscape surrounding cryptocurrencies has seen increased enforcement actions by authorities such as the U.S. Securities and Exchange Commission (SEC). One notable case is the SEC’s 2020 lawsuit against Ripple Labs, alleging that the company failed to register XRP as a security.

Many crypto businesses have expressed concerns over the lack of clarity regarding the rules they are expected to follow. In June, the SEC further unsettled the crypto markets by filing lawsuits against two major crypto exchanges, Binance and Coinbase. Both exchanges maintain that they do not offer securities.

This development caused a ripple effect throughout the crypto market. IOG, the developer of the Cardano blockchain, vehemently asserted that its ADA token is “under no circumstances a security” and criticized the SEC’s filing for containing “numerous factual inaccuracies.” Similarly, Solana and Polygon clarified that their native tokens, SOL and MATIC, do not fall under the securities category.