Keiser Says Hinman Emails Mean Nothing as SEC Will Go After XRP and ETH

Bitcoin proponent Keiser resumes his attack against XRP, including Ethereum (ETH) in his forecasts, asserting that the Hinman emails mean nothing.

In a tweet yesterday, Bitcoin maxi Max Keiser said the U.S. SEC would go after XRP and ETH as unregistered securities. Keiser made this known in a Twitter exchange between him and CryptoLaw founder John E. Deaton.

Deaton and Keiser Debate

As reported earlier, Keiser’s continuous backlash of XRP prompted reactions from Ripple CTO David Schwartz and pro-XRP lawyer Deaton.

Attorney Deaton called out some Bitcoin maxis, like Keiser, who claim to be Libertarians and still applaud the SEC’s gross overreach against other crypto projects.

Reacting to Deaton’s comment, Keiser agreed with Deaton that the SEC was overreaching. However, he noted that the SEC’s overreach will not stop the commission from killing off XRP and other “sh*tcoin.”

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… https://t.co/NwH9sH6qk8

— Max Keiser, sr. bitcoin advisor pres. Bukele ?? (@maxkeiser) June 23, 2023

Keiser said that despite Ripple CEO Brad Garlinghouse spending millions to keep “his Ponzi scheme going,” he cannot outspend the Feds and JPMorgan Chase CEO Jamie Dimon. Additionally, he asserted that it is only a matter of time before the SEC “cuts down” XRP.

In response, attorney Deaton stressed that the SEC could not kill XRP, as software code is not a security. Although Deaton believes the regulatory agency can cause liquidity problems for XRP, this will only last for a while.

According to Deaton, a transient regulator like SEC Chair Gary Gensler will be gone in two years. Deaton added that even if the court ruled that Ripple violated section 5 of the Securities Act, it does not imply that XRP is a security.

“I’m sure you’ve seen how ETH was favored because of regulatory capture by a group of investors. That’s your SEC at work,” Deaton added.

Deaton reminded Keiser that people like Joe Grundfest considered Bitcoin a security between 2013 and 2015. As expected, Keiser said SEC’s opinion about Bitcoin from 2013 to 2015 is meaningless.

Hinman’s Emails Mean Nothing

Notably, the Bitcoin maxi said he was right about his prediction for Hinman’s emails. He described Hinman’s emails as meaningless while sharing an article showing how XRP plummeted immediately after Ripple released the document.

First: As I predicted, the Hinman letter would be a big dud. It’s meaningless https://t.co/0woW26kO77

Next: Any chatter (2013-15) about #Bitcoin from the SEC is meaningless. It’s beyond their reach. Gensler has said this and he’s right.

The SEC will go after *BOTH* ETH & XRP… https://t.co/oR97wNwVlW

— Max Keiser, sr. bitcoin advisor pres. Bukele ?? (@maxkeiser) June 25, 2023

He asserted that the regulatory agency would go after XRP and ETH as unregistered securities. Per Keiser, the SEC runs a protection racket for banks, adding that the commission will reference the “National Security & the Patriot Act” if needed to justify its crackdown against altcoins.

However, he asserted that XRP and ETH would not make it. Furthermore, the Bitcoin Maxi agreed with Deaton that the SEC could cause liquidity problems for XRP. He noted that the liquidity problems would eventually lead to the death of XRP and ETH.

Notably, Keiser said it is a dead-end argument for Deaton to claim that “software code is not a security.” He added that it could be proven that Ripple intentionally created a fraud to bypass regulations.

Keiser still backs the SEC to win the case despite stating that the Ripple lawsuit is not about the law. Per Keiser, XRP is not only a sh*tcoin but also an unregistered security.