The United States Securities and Exchange Commission (SEC) imposing a penalty of $1.26 million on reality star Kim Kardashian carries an important message about the regulator’s conviction on cracking down on sketchier corners of the cryptocurrency world.
While many in the community acted in disbelief, others felt Kardashian was an easy target and that the SEC should have targeted the creators of EMAX instead. Peter Schiff, on the other hand, had a rather bizarre take on the entire matter.
The Schiff Gold Fund CEO and Austrian economist believes Kardashian was unfairly fined, and instead, the watchdogs should have gone for MicroStrategy’s executive chairman and co-founder – Michael Saylor. Schiff even accused him of pumping crypto more than the socialite.
Michael Saylor Hits Back
Schiff, who happens to be a gold bug, hardly misses dissing Bitcoin and crypto in general. Saylor was quick to hit back at his accusations stressing that Bitcoin isn’t a security and rather a commodity.
“Bitcoin is a commodity, not a security. Advocating a commodity is similar to promoting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol, offering 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 that Saylor’s initiative to continue buying more and more bitcoins “makes no sense.” He had further alleged that the MicroStrategy exec purchased the asset only to keep it from crashing instead of doing something positive for shareholders and investors.
Pumping Crypto Accusations
Peter Schiff always has something to say. But this time, it appears he completely missed the point because the SEC had specifically accused the Kardashian of promoting an alleged scam project called EthereumMax (EMAX) without disclosing she was paid $250,000 to post about it on Instagram and has nothing to do with Bitcoin.
Schiff even accused CNBC of paying “millions for ads by crypto companies, then pumping Bitcoin non-stop while providing industry pumpers with airtime.”
Responding to his tweet, many jumped in Saylor’s favor and stated that Schiff should be fined for shilling gold.