Are Cryptos Other Than Bitcoin A Security? XRP Lawyer Hits Out At BTC Maxis

CoingapePublished on 2023-02-27Last updated on 2023-02-27

Abstract

Attorney John Deaton, Amicus curiae in the US SEC Vs Ripple lawsuit hit back at Bitcoin Maxi Saylor’s assertion.

U.S. Securities and Exchange Commission (SEC) Chairperson, Gary Gensler’s latest comments on digital assets has left the industry confused and fumed. The US SEC Chair’s assertion that “every other crypto than Bitcoin (BTC) is a Security” is proving to build a jumbled narrative in the market.

Bitcoin Maxis Going Out With US SEC Narrative?

Michael Saylor, Co-founder of MicroStrategy and a Bitcoin maximalist came out in support of the US SEC chair’s comment. He stated that a consensus is building in the industry that every other digital in the market other than BTC is a Security.

He added this move is destined to regulate other cryptos by the US SEC. This directly makes Bitcoin the only digital asset a suitable option for the global money use case.

As per the data, MicroStrategy Inc is the biggest Bitcoin holder public Company. It owns 129,699 BTC valued at around $3.04 billion, at the press time. Check out the list of the biggest Bitcoin holders in 2023 here.

Attorney John Deaton, Amicus curiae in the US SEC Vs Ripple lawsuits hit back at Saylor’s assertion. XRP holders’ lawyer rejected the narrative building in the market. He stated that keeping aside the US SEC Chair and Bitcoin maxis, the is no such content building that all other digital assets are a security.

The attorney highlighted that Michael Saylor is an alma mater from MIT. However, he knows that what he is referring to is not true as this is part narrative to drive altcoin out of the scenario. Meanwhile, it is difficult to rule out Saylor as Microstrategy has set a high bet on Bitcoin.

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