As an experienced financial analyst with a strong background in cryptocurrencies, I find Michael Saylor’s prediction regarding the SEC classifying Ethereum as a security and rejecting spot ETF applications concerning. Saylor’s perspective is based on his extensive experience in the crypto industry, particularly with Bitcoin and MicroStrategy’s significant investments.
At the MicroStrategy World 2024 conference, Michael Saylor anticipates that the Securities and Exchange Commission (SEC) will label Ethereum as a security during the summer of 2024, resulting in the rejection of spot Bitcoin Exchange-Traded Fund (ETF) applications – including BlackRock’s – as well as those for other cryptocurrencies such as Binance Coin (BNB), Solana, Ripple (XRP), and Cardano.
#Bitcoin – There is No Second Best
— Michael Saylor⚡️ (@saylor) May 2, 2024
Saylor stated that no wrapping in spot ETFs would be an option for any of them, and they’d never gain acceptance from Wall Street.
As a researcher focusing on the cryptocurrency market, I would highlight that Saylor strongly emphasizes Bitcoin’s acceptance within institutions, positioning it as the sole institutional-grade crypto asset available. Notably, MicroStrategy has recently invested an impressive $1.65 billion in Bitcoin and unveiled plans for a decentralized identity (DID) product based on this digital currency.
The expectation among investors that Ethereum ETFs will be approved by the market has decreased significantly, according to Polymarket’s assessment, with just an 11% likelihood of approval currently. The Securities and Exchange Commission (SEC) holds a pivotal decision-making date on May 23 for VanEck’s ETF application and other similar proposals. Furthermore, the SEC’s determination regarding whether Ethereum is classified as a security could have far-reaching implications for product approvals.
As a researcher studying the Ethereum ecosystem, I’ve noticed that a clear designation for Ethereum could bring much-needed certainty to businesses dealing with its technology. However, this clarity might also result in stricter regulations regarding product approvals and usage without proper registration. Recent revisions by financial analysts towards the approval of Ethereum Exchange Traded Funds (ETFs) paint a picture of uncertain regulatory outcomes, adding another layer of complexity to the situation.
Read More
- CRK Boss Rush guide – Best cookies for each stage of the event
- Glenn Greenwald Sex Tape Leak: Journalist Cites “Maliciously Political” Motives
- Fortress Saga tier list – Ranking every hero
- Castle Duels tier list – Best Legendary and Epic cards
- Mini Heroes Magic Throne tier list
- Grimguard Tactics tier list – Ranking the main classes
- How to Prepare and Dominate the Awakened Hollyberry Cookie Update
- Seven Deadly Sins Idle tier list and a reroll guide
- Cookie Run Kingdom: Raspberry Cookie Toppings and Beascuits guide
- Starseed Asnia Trigger tier list and a reroll guide
2024-05-03 10:28