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Home»ETHEREUM NEWS»Saylor predicted that the SEC would designate Ethereum as a security and reject applications for a spot ETF this summer.
ETHEREUM NEWS

Saylor predicted that the SEC would designate Ethereum as a security and reject applications for a spot ETF this summer.

By Crypto FlexsMay 3, 20242 Mins Read
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Saylor predicted that the SEC would designate Ethereum as a security and reject applications for a spot ETF this summer.
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MicroStrategy chairman and co-founder Michael Saylor believes the SEC will classify Ethereum as a security this summer and reject applications for related spot ETFs filed by various asset managers, including BlackRock.

Saylor predicted in a social media post: May 2nd Presenting at the MicroStrategy World 2024 conference. He also predicted that other cryptocurrencies, including BNB, Solana (SOL), XRP, and Cardano (ADA), will also receive unregistered security designations “down the stack.”

Sailor said:

“None of them will be packaged as spot ETFs, and none of them will be accepted by Wall Street…”

Instead, Saylor argued that Bitcoin (BTC) alone provides full institutional acceptance. He called BTC the “one universal” institutional-grade cryptocurrency asset and said “there will be no other asset.”

MicroStrategy’s founder is well known for his dedication to Bitcoin. Saylor’s statement comes days after MicroStrategy added $1.65 billion in BTC to the company’s holdings in the first quarter, along with the announcement of a Bitcoin-based decentralized identity (DID) product.

Important ETH Decisions

The market was initially optimistic about the approval of an Ethereum spot ETF, but expectations have fallen sharply over the past few weeks, with Polymarket’s odds of approval sitting at just 11% as of press time. Analysts similarly revised their estimates for a probability of approval from more than 80% to less than 30%.

The important date for the SEC decision is May 23, at which point it will have to decide on VanEck’s proposed ETF. Regulators are expected to decide on other similar applications simultaneously.

The SEC may also need to specify whether ETH is a security. Blockchain development company Consensys plans to force the SEC to clarify in its legal action that ETH is not a security. U.S. lawmakers also called for clarity on issues related to another company, Prometheum.

Clearly specifying ETH provides companies with a clear way to handle their assets. However, such a designation could also impact whether the SEC approves certain products, such as spot ETFs, and whether companies use ETH without proper registration.

Saylor predicted the SEC would designate Ethereum as a security and reject applications for a spot ETF this summer, the first of which appeared on CryptoSlate.

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