MicroStrategy’s Michael Saylor Labels Ethereum and Altcoins as Securities
MicroStrategy Founder and Chairman, Michael Saylor, has made bold statements targeting Ethereum (ETH) and other top altcoins.
During the firm’s Bitcoin for Corporation event, Saylor predicted that a spot Ethereum ETF would not receive approval this summer. He categorically labeled Ethereum, XRP, and ADA as securities, aligning with his strong advocacy for Bitcoin since his first acquisition in August 2020.
.@saylor predicts Ethereum ETF dies this summer and ETH is formally labeled an unregistered crypto security pic.twitter.com/OfRhxYl2FJ
— Beagle (@BeagleBitcoin) May 2, 2024
Saylor asserted that the denial of a spot Ethereum ETF would signify Ethereum’s lack of commodity status. He extended this critique to include Binance Coin (BNB), Solana (SOL), XRP, and Cardano (ADA), considering them unregistered crypto asset securities.
His remarks have stirred controversy, especially as some of these coins are embroiled in lawsuits with the U.S. SEC.
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While the legal status of many coins remains uncertain, Saylor’s statement contrasts with Judge Analisa Torres’s ruling in the Ripple versus SEC case, which declared XRP not to be an investment contract.
Saylor remained firm in his stance, expressing doubt that any of the labeled altcoins would be approved for inclusion in a spot ETF. He also forecasted that Wall Street would not embrace them as they have with spot Bitcoin ETFs.
With the Ethereum ETF’s fate uncertain, the outlook for alternative ETF products involving XRP and other assets appears complex in the long run.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
