The US Securities and Exchange Commission’s (SEC) fine of $1.26 million on reality star Kim Kardashian carries an important message about the regulator’s determination to crack down on the shadiest corners of the world of cryptocurrency.
While many in the community acted in disbelief, others felt that Kardashian was an easy target and that the SEC should have targeted the creators of EMAX. Peter Schiff, on the other hand, had a rather odd take on the whole thing.
The Austrian CEO and economist of the Schiff Gold Fund believes that Kardashian was unfairly fined, and that the watchdogs should have gone for the executive chairman and co-founder of MicroStrategy, Michael Saylor, instead. Schiff even accused him of pumping more crypto than the socialite.
Michael Saylor fights back
Schiff, who happens to be a gold bug, hardly misses his disdain for Bitcoin and crypto in general. Saylor was quick to hit returns to his accusations by stressing that Bitcoin is not a security and rather a commodity.
“Bitcoin is a commodity, not a security. Advocating a commodity is similar to touting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol that offers utility benefits similar to roads, railroads , radio, telephone, television, internet or English.
This isn’t the first time Schiff has made an odd comment. Last year, the full-time BTC basher said that Saylor’s initiative to keep buying more and more bitcoins “makes no sense.” He had further alleged that the MicroStrategy executive bought the asset only to prevent it from crashing rather than to do something positive for shareholders and investors.
Pumping accusations of cryptography
Peter Schiff always has something to say. But this time, it appears to have been completely missed because the SEC had specifically accused Kardashian of promoting an alleged scam project called EthereumMax (EMAX) without disclosing that she was paid $250,000 to post it on Instagram and has nothing to do with Bitcoin.
Schiff even accused CNBC of paying “millions for ads from crypto companies, then pumping Bitcoin non-stop while providing air time to industry firefighters.”
In response to her tweet, many jumped to Saylor’s side and he stated that Schiff should be fined one gold shilling.
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