Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), has faced considerable criticism for his regulatory actions in the United States, particularly in relation to digital assets. His classification of all digital assets, except for Bitcoin, as securities have sparked controversy within the crypto space. This has also led to the SEC getting involved in numerous lawsuits.
However, there has been a recent development where Gensler seems to have gained a supporter who agrees with his stance on digital assets. An advisor on Bitcoin to the President of El Salvador has expressed agreement with Gensler’s declaration that XRP, a prominent cryptocurrency, should be classified as a security.
The Rationale Behind Keiser’s Statements
Max Keiser, an advisor on Bitcoin to the government of El Salvador, agrees with SEC Chairman Gary Gensler’s categorization of most cryptocurrencies, including XRP, as securities. Keiser is a staunch supporter of Bitcoin and boasts that El Salvador has already implemented laws acknowledging Bitcoin as a non-security. Additionally, he asserts that all cryptocurrencies, except for Bitcoin, should be classified as securities, including well-known ones like XRP and Ether (ETH).
In addition, Keiser extended an invitation to Gary Gensler, the chairman of the United States Securities and Exchange Commission, urging him to visit El Salvador and witness firsthand how it has emerged as the world’s foremost Bitcoin nation.
Gary Gensler: Crypto Market Is Based On A “False Narrative” Of Decentralization.
Keiser expressed his views in response to Gensler’s recent statement on cryptocurrency regulations. During a recent question-and-answer session involving the SEC, Gary Gensler voiced his concerns regarding crypto companies failing to adhere to existing securities regulations. He further added that the crypto market is based on a “false narrative” of decentralization.
Gensler restates that cryptocurrencies, except Bitcoin, are considered securities. However, he ignores the demands of crypto stakeholders who want clear rules from the commission. Gensler believes existing securities laws are enough for the crypto industry and doesn’t see the need for new guidelines.
XRP Community Reacts to Max Keiser
This controversial statement by Max Keiser has gained a lot of attention in the crypto industry, especially amidst the XRP community which has an ongoing lawsuit with the same point of contention. According to the CEO of Chainstone Labs and others, criticisms have been raised regarding the excessively restrictive nature of the law.
Mr. Huber, a well-known crypto influencer, humorously responded to the situation with a video and questioned whether Keiser had bribed Gensler.
Several others have also disagreed with Keiser and have tried to explain the technicalities of why XRP is not a security.