While the crypto space awaits the summary judgment on the case between the US SEC and Ripple Labs, controversies keep rising due to diverse user opinions and perspectives.
In a recent development on May 23, a prominent Bitcoin proponent Max Keiser took to Twitter to criticize XRP and the XRP community. Keiser stated that XRP is a shitcoin according to the legal position of El-Salvador on the crypto asset definition.
Ripple CTO Reacts To SEC Actions Attracting Max Keiser’s Criticisms
Keiser’s criticism of XRP came as a response to the tweet Ripple’s CTO David Schwartz posted. Schwartz who was reacting to the SEC’s regulatory stance on cryptocurrencies, had noted that the resolution of the SEC vs. Ripple lawsuit might impact the US crypto industry.
Related Reading: Bitcoin Diamond Hands Remain Strong As Supply Hits New ATH
He considered the situation if the SEC’s legal position were to treat all crypto assets except Bitcoin as securities. According to Ripple’s CTO, US residents’ legal participation in the crypto space would become dicey if such a position holds. He also pointed out that Coinbase still engages in some token sales that the SEC considers securities to US residents.
In response to the post, the Bitcoin proponent Max Keiser stated that XRP’s legal position in El Salvador is under shitcoin.
Usually, a digital asset would be referred to as a shitcoin if it has little or no value. This means the crypto asset was designed with questionable technology, has limited utility, has weak development teams, or operates with fraudulent goals.
Usually, a digital asset would be referred to as a shitcoin if it has little or no value. This means the crypto asset was designed with questionable technology, has limited utility, has weak development teams, or operates with fraudulent goals.
But before his shitcoin remark, Keiser had attacked XRP in his Twitter post. In the tweet, he reiterated that every other crypto asset but Bitcoin is regarded as a security in El Salvador.
Max Keiser is one of the prominent Bitcoin maximalists in the crypto space and is currently a Bitcoin adviser to El Salvador’s government. Recently, he has become a staunch critic of altcoins, with a special focus on XRP.
XRP Army Reacts To Keiser’s Attack
The XRP community has shown anger at Keiser’s criticism of the token. An XRP enthusiast teased Keiser about Bitcoin being a failure in El Salvador.
Related Reading: Bitcoin, Altcoin Trading Volumes Plunge, What Does This Mean?
The Twitter user ‘@ALL_IN-UTILITY’ responded to Keiser’s tweet, “El Salvador who? Oh, the country of turds and BITSHIT COIN, heard it had been a real failure.”
Also, another user commented that no one worries about Keiser’s mental illness stating that “It’s sad to watch once smart and respectable people lose their minds to maximalism.”
A third user, Dr. Haus, stated that Keiser is obsessed and preoccupied with XRP because the asset threatens him.
Meanwhile, XRP trades at $0.4539 at the time of writing, indicating a drop of 2.26% over the past 24 hours.
Featured image from Pixabay and chart from TradingView