Expert Accuses the SEC of Running a Protection Racket for Banks

  • Max Keiser believes the SEC would go after both ETH and XRP as unregistered securities.
  • According to Keiser, the SEC works for the bank cartel, and they run a protection racket for the banks.
  • Keiser predicts the SEC would do everything it can to kill XRP.

Max Keiser, a senior Bitcoin Advisor to President Bukele of El Salvador, believes the Securities and Exchange Commission (SEC) would go after both ETH and XRP as unregistered securities. According to Keiser, the SEC works for the bank cartel, and they run a protection racket for the banks.

Keiser tweeted the statement in response to John E. Deaton’s assertion that the SEC cannot “kill” XRP, despite the damage it has caused to the token so far. Keiser predicts the SEC would do everything it can, including citing national security and the patriot act, to achieve its aim.

In a debate between the two top crypto figures, Deaton acknowledged that the SEC may have succeeded in causing significant damage to the prosecuted entities. The damages include drying up liquidity and causing some users to delist. However, he noted that Gary Gensler, the SEC Chair’s tenure is transient, and things could change after he is gone.

Deaton referenced a period between 2013 and 2015 when the SEC accused Bitcoin of being a security. That episode is over, and he believes the current issues with ETH and XRP would follow a similar trajectory. He noted that the ETH is favored today because of regulatory capture by a group of investors.

Keiser agreed with Deaton that the SEC’s regulatory scrutiny over XRP has depleted the project’s liquidity. He predicted more problems for XRP, as he thinks it can be shown that Ripple (XRP) knowingly created a fraud seeking to circumnavigate regulations.

In an earlier tweet, Keiser acknowledged that the SEC is overreaching with its actions against XRP. However, he thinks the regulatory body would go all the way to kill off the project. Keiser believes XRP will not survive the battle with the SEC, and it is a matter of time before the project is extinguished by the regulators.

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