U.Today - In a recent fiery debate that has captivated the crypto space, the XRP community clashed with , advisor to the president of El Salvador and a prominent Bitcoin evangelist. The topic that ignited the heated discussion was the contentious issue of cryptocurrency regulation, specifically concerning the fate of XRP and in the face of mounting pressure from the SEC.
Keiser unequivocally stated that the regulatory overreach would inevitably lead to the demise of and every other cryptocurrency, except for Bitcoin, which he deemed "untouchable."
John Deaton, a pro-crypto lawyer and legal representative of XRP holders, challenged Keiser's apocalyptic prediction. He countered by highlighting the SEC's prior labeling of Bitcoin as a security. While conceding that the commission could inflict damage on XRP, Deaton believed that the influence of its current transient regulator, Gary Gensler, would be short-lived.
He further argued that software code itself should not be classified as a security, emphasizing the need for a level playing field where the best technologies could thrive.
Unswayed by Deaton's arguments, Keiser remained steadfast in his belief that both ETH and XRP would suffer the same fate. Dismissing chatter about as inconsequential, he declared that Gensler, the current chairman, would pursue Ethereum and XRP as unregistered securities.
Keiser went on to assert that the regulator functioned as a protection racket for the banking cartel, ready to employ national security and the Patriot Act if necessary to eliminate these projects.