Benzinga - Max Keiser, a well-known Bitcoin (CRYPTO: BTC) proponent, on Wednesday, targeted XRP and its community on Twitter.
What Happened: Keiser described XRP as a “shi*coin” based on El Salvador’s legal position on the definition of crypto assets.
His criticism was in response to Ripple’s CTO, David Schwartz’s tweet concerning the regulatory stance of the SEC on cryptocurrencies.
Schwartz raised concerns about the potential impact of the ongoing SEC vs. Ripple lawsuit on the US crypto industry.
He expressed concern that "If the SEC’s legal position means all tokens but bitcoin are securities, then the stakes are whether US persons can participate legally in everything else in the crypto space.”
Reacting to Schwartz’s tweet, Keiser wrote that XRP’s legal position in El Salvador is under the category of “shi*coin.”
This is the legal position in #ElSalvador. XRP is defined as a shitcoin"If the SEC's legal position means all tokens but bitcoin are securities, then the stakes are whether US persons can participate legally in everything else in the crypto space." https://t.co/L7WznkOxvg
— Max Keiser, sr. bitcoin advisor pres. Bukele