- Michael Saylor makes wild speculations about the cryptocurrency landscape.
- MicroStrategy founder predicts that the SEC may soon target major altcoins such as ETH, ADA, and SOL.
- Considering the SEC’s history, Saylor’s argument may have some merit.
Michael Saylor, the driving force behind MicroStrategy’s growth into one of the most prominent players in the cryptocurrency industry, is known for his unwavering support of Bitcoin. However, his stance on altcoins is equally firm. There is nothing better than Bitcoin.
At MicroStrategy’s Bitcoin For Corporations conference, Saylor did not stop criticizing altcoins and made wild speculation about the SEC’s upcoming crackdown on cryptocurrencies.
Michael Seiler’s Bold Claims
Michael Saylor has fueled speculation that the SEC could soon target several major altcoins. The MicroStrategy co-founder began his speaker notes with a bold statement: The SEC will reject the listing and trading of all spot ETH ETFs.
Saylor highlighted that the SEC is likely to classify ETH as a crypto-asset security under regulatory scope, moving it away from the U.S. Commodity Futures Trading Commission’s (CFTC) handling of the commodity, potentially harming the prospects of a spot ETH ETF approval as a result. soon.
He expanded on his prediction, saying the SEC’s investigation will expand to other major tokens, including Binance’s BNB, Solana’s SOL, Ripple’s added.
“None of (these tokens) will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,” said Saylor.
Saylor’s comments come amidst the hype surrounding the ETH ETF. All eyes are on VanEck and Ark Invest’s May 23 and 24 ETF application deadlines. It’s unclear whether things will work out as MicroStrategy executives predict, but his argument may have some merit.
SEC Token Marking History
In the summer of 2023, the SEC targeted some of the country’s largest cryptocurrency exchanges, including Binance and Coinbase. While the former case has been concluded, with former CEO Changpeng ‘CZ’ Zhao jailed and the exchange paying a hefty fine of over $4 billion, the legal battle with Coinbase is still ongoing.
In its attack, the SEC accused Binance and Coinbase of offering unregistered securities. Among the assets identified as securities are Solana, Cardano, Ripple, and BNB, many of which Saylor highlighted in his speech.
Ripple later emerged from its ‘secure’ status and scored a victory over the SEC, while other tokens are yet to be named.
On the flip side
- The SEC may approve a leveraged ETH ETF in May despite investigating Ethereum’s security posture.
- Experts predict that it is unlikely that the SEC will approve the ETH ETF in May. However, they are optimistic that the investment vehicle will receive approval later this year.
Why This Matters
Michael Saylor’s prediction could be disastrous for the cryptocurrency industry. This is especially true as markets are trying to recover from the aftermath of previous bear markets and recent geopolitical tensions.
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