Attorney John Deaton agrees with XRP critic Max Keiser about the SEC being the protection racket for a few insiders.
After several months of dispute, CryptoLaw founder attorney John Deaton has finally agreed with an opinion shared by famous Bitcoin maximalist and XRP critic Max Keiser.
Keiser Says SEC Is the Problem
In a tweet yesterday, Keiser explained why the United States Securities and Exchange Commission carried out enforcement actions against the two largest cryptocurrency exchanges by trading volume: Binance and Coinbase.
What Coinbase, Binance, XRP keep missing is that the SEC is a protection racket for a few insiders. The actual law is not the issue. The issue is the SEC will destroy any of their friend’s competition.
— Max Keiser, sr. bitcoin advisor pres. Bukele 🌋🧢 (@maxkeiser) June 8, 2023
Keiser noted that Coinbase, Binance, and XRP [Ripple] are missing the whole point of the SEC’s enforcement actions against them. According to Keiser, the Securities and Exchange Commission is a “protection racket” for a few insiders in the industry.
Keiser, an Adviser to the government of El Salvador on Bitcoin, said the US SEC is the main issue, not the law. He noted that the securities regulator would willingly destroy all competition for its “friend.”
The outspoken Bitcoin maximalist did not reveal the identity of the SEC’s so-called friend. It bears mentioning that the SEC labeled more than 15 cryptocurrencies, including ADA and BUSD, as securities in its lawsuits against the two biggest exchanges.
As expected, Bitcoin was not included in any of the complaints. SEC Chair Gary Gensler also disclosed that Bitcoin is the only cryptocurrency he does not see as a security.
Keiser explained that the SEC cannot go after Bitcoin because it just can’t. While calling Bitcoin “the perfect money,” Keiser said the top asset class would destroy the SEC, Federal Reserve (Fed), and the U.S. dollar.
However, Keiser believes that, before Bitcoin achieves this feat, all 25K crypto assets would be gone by then.
Attorney Deaton Reacts
Commenting on the development, attorney Deaton highlighted the tweet as the one thing he and Keiser agreed on. He noted that the SEC Chair is bent on protecting the incumbents and the status quo at all costs while ignoring the law.
I found something Max and I agree on. @GaryGensler and the SEC are protecting the incumbents and the status quo at all costs while ignoring the law. But just because you desire the ends doesn’t mean you support or celebrate the unconstitutional means. We’re supposed to have free… https://t.co/BvorALRYIT
— John E Deaton (@JohnEDeaton1) June 8, 2023
The lawyer representing thousands of XRP holders in the SEC vs. Ripple lawsuit said the U.S. should have free market capitalism, where the market decides the winners and losers.
Deaton reiterated that his investment in Bitcoin is 10X more than in XRP. However, he still thinks the market should decide the winners from the losers.
According to him, if Keiser believes that Bitcoin will “k**l” the SEC and Fed, then the top crypto asset can also destroy all 25K “sh*tcoins” in the market. He stressed that Bitcoin does not need a “bad faith regulator” to help it achieve this goal.
“Let’s be consistent, Max,” Deaton added.
Keiser Trolls XRP
Being a Bitcoin maximalist, Keiser’s support for Bitcoin has come with controversies in recent times. While professing his love for the firstborn crypto, Keiser usually takes subtle shades at altcoins (alternative cryptos), especially XRP.
Earlier this week, Keiser wrote “sorry XRP idi*ts” in a tweet he attached a photo of himself wearing a T-shirt and a cap. The T-shirt has the inscription “I told you so,” while the cap has the caption “Bukele 2024.”
Last month, Keiser called XRP a sh*tcoin while commending the SEC Chair for declaring the crypto asset a security.
He launched another attack against the crypto asset earlier today. In a recent tweet, the Bitcoin maximalist remarked, “Sorry XRP, you lose.” This comment came on the back of a Yahoo Finance report about Bitcoin being the only winner in the “SEC clash.”
Interestingly, many XRP enthusiasts, including Deaton, believe Keiser is obsessed with the asset, considering his unending attacks.