In a recent turn of events, prominent Bitcoin maximalist Max Keiser took to Twitter to express his support for the remarks made by SEC Chairman Gary Gensler during a question-and-answer session conducted by the Federal Reserve Bank of Atlanta at the 27th annual Financial Markets Conference.
Gensler stated that crypto markets are “generally noncompliant” and built on a “false narrative” of decentralization. Keiser’s tweet echoed Gensler’s sentiments, asserting that everything apart from Bitcoin, including major cryptocurrencies like Ethereum (ETH) and Ripple (XRP), should be classified as securities.
Keiser also highlighted the successful implementation of BTC as a legal tender in El Salvador, stating, “We already put this into law in #ElSalvador. We’re #Bitcoin Country, and we’re thriving.” He further invited Gary Gensler to witness firsthand how El Salvador has become a leading BTC nation.
Bruce Fenton, CEO of Chainstone Labs and Managing Director of WatchdogCapital, added his perspective to the discussion, expressing his concerns about the restrictive nature of El Salvador’s Bitcoin law.
Fenton argued that BTC’s code is open source and intended to be copied and modified, pointing out the existence of over 1500 forks, including Litecoin.
Keiser’s Response: Bitcoin As The Only Relevant Currency
Keiser responded by emphasizing that Bitcoin is the only currency that matters, dismissing other cryptocurrencies as “shitcoins” and suggesting that the benefits they offer are dwarfed by the opportunities afforded by being a BTC maximalist.
The conversation continued as Fenton proposed the possibility of amending the law, highlighting the freedom to replicate and modify code. Keiser rebutted, emphasizing that El Salvador’s Bitcoin-centric approach has proven immensely beneficial and that any diversion of resources toward other cryptocurrencies would be a waste of time.
Amidst the discussion, members of the XRP community chimed in, questioning Keiser’s unwavering support for Bitcoin. Some argued that XRP is superior to BTC and criticized the scalability limitations of the latter.
Others mentioned the ongoing legal battle between Ripple and the SEC, suggesting that a favorable outcome for Ripple could change the cryptocurrency market dynamics.
However, as the debate over the future of cryptocurrencies and their regulatory landscape intensifies, the clash between Bitcoin maximalists and supporters of alternative digital assets continues to shape the discourse.
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