As the legal battle between Ripple and the US Securities and Exchange Commission (SEC) unfolds, experts continue to speculate about the possible outcomes for both parties.
Along those lines, renowned Bitcoin (BTC) expert and outspoken critic Max Keizer has hinted that the SEC would ultimately succeed in taking down XRP while slamming Ripple CEO Brad Garlinghouse and calling its operation a “Ponzi scheme.” referred to, he said in a tweet on June 23.
Keizer emphasized that he believes it is only a matter of time before the regulator takes action against XRP, but acknowledging that the SEC’s actions may be seen as “overkill” by some, but nonetheless said significant consequences for most Cryptocurrencies other than bitcoin ahead.
The Bitcoin expert also suggested that there is a lack of a comprehensive rule of law in the financial world, particularly on Wall Street, which tends to favor those of wealth and influence.
“Of course the SEC is going too far, but that’s not going to stop them from crushing XRP and every other shitcoin. (Except of course BTC. It is untouchable). With Wall Street/finance having virtually no rule of law for those with money and influence, Brad Garlinghouse has spent heavily maintaining his Ponzi scheme, but he cannot outperform the Feds and Jamie Dimon. It is just a matter of when, not if, when XRP will be shorted,” he said.
Questions about the conduct of the SEC
Keizer offered his opinion in response to a tweet by pro-XRP attorney John Deaton on June 22nd. Deaton had criticized Bitcoin maximalists for celebrating what he called the SEC’s excessive regulatory practices in the cryptocurrency space.
“What’s contradictory is that so many BTC maxis mistake themselves for libertarians and then applaud or celebrate the SEC’s massive and gross hyperbole,” he said.
It’s worth noting that Keizer has previously been critical of Ripple, suggesting the company doesn’t stand a chance against the regulator. In a report by Finbold, Keizer stressed that the blockchain company cannot triumph over the SEC, stating that XRP is essentially “doomed to die.”
As I keep telling you, the SEC has swept away the independent “crypto” exchanges and players to make way for BlackRock, Wisdom Tree, Fidelity, etc. to get into #Bitcoin
XRP will not win their case. It was never about the law. XRP was sentenced to death and Gary’s job is to…
— Max Keiser, Sr. Bitcoin Advisor Pres. Bukele 🌋🧢 (@maxkeiser) June 21, 2023
Impact of the SEC Lawsuit
The outcome of the SEC’s lawsuit against Ripple Labs and its possible consequences for the future of XRP remain uncertain. The case is of great importance to investors and enthusiasts who are closely following the ongoing court cases as they potentially have the potential to impact the regulatory environment for digital assets.
Currently, the crypto community is eagerly awaiting the announcement of the summary judgment date once the hearing is complete.
Adding to expectations, a significant development came when the controversial Hinman documents were unsealed, which offered insights into the regulator’s original view of the classification of digital assets.
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