Max Keiser criticizes XRP and the XRP community, recently calling the asset a sh*tcoin despite its functionality and tokenomics.
Max Keiser, a prominent crypto enthusiast, and well-known Bitcoin maximalist, has resumed his attack against XRP. In a tweet today, Keiser claims El Salvador’s legal position on cryptocurrencies defines XRP as a sh.tcoin.
“This is the legal position in El Salvador. XRP is defined as a sh.tcoin”
Notably, a sh*tcoin is a term used to describe a cryptocurrency that is considered to have little to no value or credibility. It often refers to cryptocurrencies with questionable technology, weak development teams, limited utility, or fraudulent intentions.
Keiser’s latest remarks came in response to a statement from Ripple CTO David Schwartz, who commented on the SEC’s legal position on crypto assets.
“If the SEC’s legal position means all tokens but bitcoin are securities, then the stakes are whether U.S. persons can participate legally in everything else in the crypto space,” Schwartz emphasized. This triggered Keiser’s reaction.
Prior to the sh*tcoin remark, Keiser took a direct swipe at XRP earlier today. In a tweet, he declared that anything not Bitcoin is considered a security in El Salvador. He added that XRP is among the list of crypto assets classified as securities in El Salvador.
Where I live, #ElSalvador, anything *Not* #Bitcoin is a security. This would include XRP. https://t.co/JUVjXSZERr
— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) May 23, 2023
XRP Proponents React to Keiser’s Criticism
Expectedly, these recent statements have generated an unfavorable reaction from the XRP community. Despite referencing Schwartz’s comments, Keiser expressed his discontent with the response he received from XRP enthusiasts who criticized his characterization of the coin as a security.
It is worth noting that Keiser, a Bitcoin adviser to the government of El Salvador, has positioned himself as a major critic of XRP and other altcoins. However, Keiser has been more focused on XRP in recent times.
Last week, he claimed that SEC Chairman Gary Gensler was right to state that most cryptocurrencies besides Bitcoin are securities. He also called Ripple a “cro.k” for selling unregistered securities to unsuspecting investors in the United States. Furthermore, he stated that the commission was right to go after Ripple for violating U.S. securities laws.
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