SEC will classify ETH as a security and reject Spot Ethereum ETF, says Michael Saylor

Michael Saylor believes the U.S. Securities and Exchange Commission (SEC) will label Ethereum as a security this summer and, as a result, reject all applications for a Spot Ethereum ETF. He also claimed that other major cryptocurrencies such as Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Cardano (ADA) are likely to face similar security classifications from the SEC. .

“Ethereum is considered a crypto security, not a commodity. Then you can see that Ethereum, BNB, Solana, Ripple, Cardano, everything under Stack are just crypto securities that are not registered. Saylor said in a presentation today at the MicroStrategy World 2024 conference.

“None of them will be wrapped in spot ETFs. None of them will be accepted by Wall Street. None of them will be accepted by mainstream institutional investors as crypto assets,” he said. added.

In contrast, Saylor emphasized Bitcoin's unique position as the only cryptoasset that has been fully accepted by institutions, calling it the “only universal” institutional-grade cryptoasset with no competitors. I explained that there is.

The MicroStrategy founder is known as an avid supporter of Bitcoin. He is dedicated to Bitcoin investing and building Bitcoin infrastructure.

Saylor's comments come a day after MicroStrategy announced MicroStrategy Orange, a Bitcoin-based decentralized identity solution. Earlier this week, the company also announced that it acquired 122 BTC last month.

Growing skepticism

Thaler is not alone in his skepticism about the near-term approval of Spot Ethereum ETFs. TRON Foundation founder Justin Sun has previously expressed concerns about regulatory hurdles for Ethereum ETFs. He believes the SEC will not approve a Spot Ethereum ETF this month.

The SEC is scheduled to issue decisions on the filings by VanEck and ARK on May 23 and May 24, respectively. Recent discussions surrounding the SEC's approval process for Spot Bitcoin funds have been noticeably shallow compared to previous discussions that preceded the SEC's approval of Spot Bitcoin funds, and SEC staff has reportedly proposed He said he was not involved in detailed conversations about the Ethereum ETF.

This lack of dialogue increases frustration and increases the likelihood that decisions will be rejected or postponed.

Ethereum's final classification could clarify how companies interact with the asset. It could also impact SEC approval for products such as spot ETFs and companies' willingness to engage with Ethereum.

However, not everyone shares this doubt. BlackRock CEO Larry Fink said on the FOX Business show “The Craman Countdown” that a Spot Ethereum ETF may still be possible even if the SEC classifies ETH as a security. He said there is.