American publisher and Bitcoin maximalist Max Keiser claims that Ripple (XRP) is a security. US Congressional candidate January Walker urged the crypto community to collectively support the altcoin project against the SEC.
According to Bitcoin maxi, this altcoin is a security
The line between commodities and securities in the US crypto space is pretty blurred. However, Max Keiser claims that XRP is a security. Popular Bitcoin maximalist Max Keiser said in a tweet today that XRP is a security. Keiser responded to a user’s claim that XRP is a digital asset. To that extent, “Technically, XRP is a security,” he said.
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said recently that the SEC is ready to impose sanctions on companies that violate securities law. In this context, Keiser referred to this in an earlier tweet, saying “Goodbye XRP and ETH”.
It is worth noting that this claim is not uncommon among Bitcoin maximalists. Most, if not all, argue that most cryptocurrencies other than Bitcoin are securities. For example, MicroStrategy founder and Bitcoin advocate Michael Saylor made a similar claim some time ago.
In particular, the debate over what constitutes security in crypto will likely continue until regulators and legislators meet to provide regulatory clarity. However, given the decentralized nature of XRP and its use cases based on previous metrics provided by regulators and recently quoted by attorney John Deaton, it is not easy to assume that XRP is a security. Ripple is locked in a two-year litigation with the SEC over this controversy.
Call to the community from January Walker
cryptocoin.comAs you follow, US Congressional candidate and Utah-based politician January Walker has asked the entire crypto community to show solidarity with Ripple by providing collective support for the altcoin project against the SEC in the ongoing lawsuit. According to Walker, a negative decision against the company is likely to affect subsequent similar lawsuits. Because it will be an example of subsequent lawsuits by the American legal system regarding digital assets. So it will be in the interest of the entire crypto community to put their weight behind Ripple right now. This represents a widespread belief within the crypto community. Walker said in a post yesterday:
The crypto community needs to support XRP Ripple against the SEC. What happens to one will happen to everyone with the overreach of the government.
In a series of tweets, Walker noted that the global scene tends to lean in the direction set by the US. As a result, he claimed, how the American financial system treats XRP will set a precedent for the world to follow in how they deal with all digital assets, not just XRP.
“We need to work together for the right legislation, rather than fighting each other by claiming that one group is better than the other,” Walker advised. Accordingly, he made the call to be a single voice within the crypto community.
Walker faced some opposition
However, Texas Blockchain Council Chairman Lee Bratcher noted that XRP’s model fits the Howey Test. In this direction, he made statements that the altcoin project should be accepted as a security. Bratcher’s comments were a response to Walker’s call for solidarity and support for Ripple in the ongoing litigation. “There is a spectrum of decentralization. XRP stays towards the central side,” he said. A few other fans also came to support Bratcher in his claims.
To this statement, Matt Hamilton, former Chief Developer Attorney at Ripple, responded. In this context, Hamilton noted that certain Blockchain councils and Bitcoin maximalists have led people to ‘accidentally’ believe XRP is a security. According to him, these individuals are taking the side of the SEC. So, they represent a problem within the crypto space. However, they do not yet realize that this will also affect Bitcoin and the entire crypto scene in the long run.
In response to Bratcher, Walker emphasized that according to the filings he saw last week, XRP failed to prove that it was a security under the provisions of the SEC’s Howey Test. In line with this, “More importantly, the SEC is trying to expand the test to illegally make Ripple a security. We should not support excessive commentary,” he added.
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