The post SEC Gains Support: Advisor to El Salvador President Agrees with SEC Chair  appeared first on Coinpedia Fintech News

Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), has faced considerable criticism for his regulatory actions in the United States, particularly in relation to digital assets. His classification of all digital assets, except for Bitcoin, as securities have sparked controversy within the crypto space. This has also led to the SEC getting involved in numerous lawsuits.

However, there has been a recent development where Gensler seems to have gained a supporter who agrees with his stance on digital assets. An advisor on Bitcoin to the President of El Salvador has expressed agreement with Gensler’s declaration that XRP, a prominent cryptocurrency, should be classified as a security.

The Rationale Behind Keiser’s Statements 

Max Keiser, an advisor on Bitcoin to the government of El Salvador, agrees with SEC Chairman Gary Gensler’s categorization of most cryptocurrencies, including XRP, as securities. Keiser is a staunch supporter of Bitcoin and boasts that El Salvador has already implemented laws acknowledging Bitcoin as a non-security. Additionally, he asserts that all cryptocurrencies, except for Bitcoin, should be classified as securities, including well-known ones like XRP and Ether (ETH).

In addition, Keiser extended an invitation to Gary Gensler, the chairman of the United States Securities and Exchange Commission, urging him to visit El Salvador and witness firsthand how it has emerged as the world’s foremost Bitcoin nation.

Gary’s right.

Everything not #Bitcoin is a security (including ETH & XRP).

We already put this into law in #ElSalvador

We’re #Bitcoin Country and we’re thriving.

I invite @GaryGensler to to come and see how we became the leading #BTC country in the world. https://t.co/yfB0vHAsuj

— Max Keiser, sr. bitcoin advisor pres. Bukele (@maxkeiser) May 16, 2023

Gary Gensler: Crypto Market Is Based On A “False Narrative” Of Decentralization.

Keiser expressed his views in response to Gensler’s recent statement on cryptocurrency regulations. During a recent question-and-answer session involving the SEC, Gary Gensler voiced his concerns regarding crypto companies failing to adhere to existing securities regulations. He further added that the crypto market is based on a “false narrative” of decentralization.

Gensler restates that cryptocurrencies, except Bitcoin, are considered securities. However, he ignores the demands of crypto stakeholders who want clear rules from the commission. Gensler believes existing securities laws are enough for the crypto industry and doesn’t see the need for new guidelines.

XRP Community Reacts to Max Keiser 

This controversial statement by Max Keiser has gained a lot of attention in the crypto industry, especially amidst the XRP community which has an ongoing lawsuit with the same point of contention. According to the CEO of Chainstone Labs and others, criticisms have been raised regarding the excessively restrictive nature of the law.

That law seems overly restrictive — Litecoin is just open source code given away for free

— Bruce Fenton (@brucefenton) May 16, 2023

Mr. Huber, a well-known crypto influencer, humorously responded to the situation with a video and questioned whether Keiser had bribed Gensler.

Did you or will you bribe him? pic.twitter.com/9dQJdwR8X9

— Mr. Huber (@Leerzeit) May 16, 2023

Several others have also disagreed with Keiser and have tried to explain the technicalities of why XRP is not a security.