Altcoins
Ethereum and altcoins are unregistered crypto securities
Bitcoin maxi Michael Saylor has estimated that several crypto altcoins, like Ethereum and Ripple, will not be accepted by institutions this decade.
MicroStrategy Executive Chairman Michael Saylor told attendees of the annual Bitcoin (BTC) For companies, Wall Street regulators consider “everything at the bottom of the pile” to be unregistered crypto asset securities.
“You could see the writing on the wall when the Bitcoin spot ETF was approved in January. By the end of May, you will know that Ethereum will not be approved, and when Ethereum is not approved this summer, it will be very clear to everyone that ETH is considered a crypto asset security, not like a commodity.
Michael Saylor, Executive Chairman of MicroStrategy
Saylor also grouped other non-Bitcoin cryptocurrencies like Solana (GROUND), Ripple (XRP), and Cardano (ADA) in the same security tranche of unregistered crypto assets.
Ethereum crackdown
The comments come as several one-time issuers of Bitcoin ETFs have filed applications for similar Ethereum-backed products (ETH), the second largest digital asset in crypto. In response, the SEC delayed several one-time ETH ETF filings from issuers like BlackRock, Fidelity, and Grayscale.
Additionally, the US SEC has rolled out an ongoing crackdown on Ethereum and the broader crypto industry, as supporters argue that tokens like ETH do not fall under existing securities laws.
Recent reports citing year-old document revealed that SEC Chairman Gary Gensler has viewed ETH as a security for at least the last year.
Encouraged by ETH’s transition to proof-of-work consensus, the SEC issued a Wells Notice to key ETH stakeholders such as Consensys and challenge giants like Uniswap in an investigation.