Bitcoin giant Michael Saylor has said that some crypto altcoins such as Ethereum and Ripple will not gain institutional acceptance in this decade.
MicroStrategy Executive Chairman Michael Saylor told attendees at the annual Bitcoin (BTC) corporate event that Wall Street regulators consider “everything in the stack” to be unregistered crypto securities. He said he was there.
“When the Bitcoin spot ETF was approved in January, we saw the writing on the wall. By the end of May we would know that Ethereum would not be approved, and if Ethereum was not approved this summer, It will become clear to everyone that ETH is considered a crypto asset and not a commodity.”
Michael Saylor, MicroStrategy Executive Chairman
Saylor also grouped other non-Bitcoin cryptocurrencies such as Solana (SOL), Ripple (XRP), and Cardano (ADA) into the same unregistered crypto asset security bracket.
Ethereum crackdown
The comments come as multiple Spot Bitcoin ETF issuers have applied for similar products based on Ethereum (ETH), the second-largest digital asset in cryptocurrencies. In response, the SEC postponed several spot ETH ETF applications from issuers such as BlackRock, Fidelity, and Grayscale.
Additionally, the US SEC has rolled out an ongoing crackdown on Ethereum and the broader crypto industry, as proponents argue that tokens like ETH are outside the scope of existing securities laws.
A recent report citing a year-old document revealed that SEC Chairman Gary Gensler has considered ETH to be a security since at least last year.
Spurred by ETH's move to proof-of-work consensus, the SEC issued Wells Notices to major ETH stakeholders such as ConsenSys and financial giants such as Uniswap in the investigation.
