u.today
Bitcoin evangelist and financial journalist Max Keiser has commented on the recent news of the court rejecting Coinbase’s request to drop the SEC suit against them. The only achievement of the exchange’s legal team here is that the court agreed to exclude the Coinbase Wallet from the list of subjects of the SEC’s lawsuit.
Today, the Court decided that our SEC case will move forward on most of the claims, but dismissed the claims against Coinbase Wallet. We were prepared for this, and we look forward to uncovering more about the SEC’s internal views and discussions on crypto regulation. 1/6
— paulgrewal.eth (@iampaulgrewal) March 27, 2024
Keiser supports SEC against Coinbase and altcoins
Keiser tweeted that “SEC is right”, again reminding his army of followers that all cryptocurrencies except Bitcoin, are “unregistered securities”, including XRP and ETH.
SEC is correct. Anything not #Bitcoin is an unregistered security, including ETH & XRP
Coinbase was slammed with a legal action by the SEC in the summer last year for allegedly allowing users to trade unregistered securities. For the Securities and Exchange Commission all altcoins are considered securities and only Bitcoin and Ethereum have been proclaimed commodities.
However, recently discussions again began rising inside the SEC about whether the second largest cryptocurrency Ethereum is a commodity indeed. All Bitcoin maximalists, including Max Keiser and Samson Mow, believe ETH to be a security, a heavily centralized crypto.
As for XRP, the case of the SEC against Ripple about this coin has been going since December 2020. Last year, Ripple scored a major victory in mid-summer, when the federal judge ruled that XRP sales on the secondary markets do not qualify as securities sales. The regulator also dropped charges against Ripple cofounder Chris Larsen and the company’s chief executive Brad Garlinghouse.
In the latest, development, the SEC demands that Ripple pays $2 billion in remedies to them to cover all the fines and damages caused.