The U.S. Securities and Exchange Commission (SEC) imposing a $1.26 million fine on reality TV star Kim Kardashian carries an important message about the regulator’s belief in cracking down on the world’s sketchiest corners 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 EMAX creators instead. Peter Schiff, on the other hand, had a rather bizarre take on the whole issue.
The Schiff Gold Fund CEO and Austrian economist believes Kardashian was unfairly fined, and instead the watchdogs should have opted for the executive chairman and co-founder of MicroStrategy – Michael Saylor. Schiff even accused him of pumping crypto more than socialite.
Michael Saylor returns
Schiff, who happens to be a gold bug, hardly fails to dissolve Bitcoin and crypto in general. Saylor was quick to hit backtracks on his accusations pointing out that Bitcoin is not a security but rather a commodity.
“Bitcoin is a commodity, not a security. Promoting a product is like promoting steel, aluminum, concrete, glass or granite. The BTC network is an open protocol, providing utilitarian benefits similar to roads, rails, radio, telephone, television, internet or English.
This isn’t the first time Schiff has made a bizarre comment. Last year, the full-time BTC basher said Saylor’s initiative to keep buying more and more bitcoin “makes no sense.” He further alleged that the MicroStrategy executive bought the asset only to keep it from failing instead of doing something positive for shareholders and investors.
Pumping Crypto Accusations
Peter Schiff always has something to say. But this time, it seems he completely missed the point because the SEC specifically accused Kardashian of promoting an alleged scam project called EthereumMax (EMAX) without disclosing that she was paid $250,000 to talk about it on Instagram and had nothing to do with Bitcoin.
Schiff even accused CNBC of paying “millions for ads by crypto companies and then pumping Bitcoin non-stop while providing airtime to gas station attendants in the industry.”
Responding to his tweet, many jumped in favor of Saylor and declared that Schiff should be fined for a shilling of gold.
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