As a long-term crypto investor with a focus on institutional acceptance and regulatory compliance, I find Michael Saylor’s perspective both intriguing and concerning. His opinion that Ethereum, Ripple, Solana, and Cardano might not achieve institutional acceptance this decade due to their classification as unregistered crypto asset securities is based on his experience and insights from the industry.
I believe that some popular cryptocurrencies besides Bitcoin, such as Ethereum and Ripple, may not gain widespread institutional acceptance during the current decade.
At the yearly Bitcoin for Corporations conference, MicroStrategy’s Executive Chairman Michael Saylor shared that regulatory bodies on Wall Street consider all components “down the line” as unregistered crypto security assets.
As an analyst, I believe I could sense the impending outcome when the Bitcoin spot ETF was given the green light in January. Come May’s end, it will be indisputable that Ethereum won’t secure approval. Once Ethereum fails to gain approval during the summer, it’ll be abundantly clear to all that ETH is classified as a crypto asset security instead of a commodity.
Michael Saylor, MicroStrategy Executive Chairman
Saylor categorized Solana (SOL), Ripple (XRP), and Cardano (ADA), among other non-Bitcoin cryptocurrencies, as unregistered crypto asset securities.
The Case for #Bitcoin on the Corporate Balance Sheet
— Michael Saylor⚡️ (@saylor) May 3, 2024
Ethereum crackdown
Several Bitcoin ETF applicants have submitted proposals for Ethereum-based products, following Bitcoin’s success. However, the SEC has put off decisions on ETH ETF applications from major firms such as BlackRock, Fidelity, and Grayscale.
The U.S. Securities and Exchange Commission (SEC) continues to intensify its efforts against Ethereum and the wider cryptocurrency sector. Critics contend that digital tokens such as ETH do not fit within the current scope of securities regulations.
New information emerges from recent publications, indicating that SEC Chairman Gary Gensler deemed Ethereum (ETH) as a security as early as last year, based on a previously undisclosed document.
As a researcher studying the cryptocurrency landscape, I’ve noticed that Ethereum (ETH), which previously operated under a proof-of-stake consensus mechanism, has recently transitioned to a proof-of-work system. In response to this shift, the Securities and Exchange Commission (SEC) has taken action by issuing Wells notices to significant ETH stakeholders, including Consensys and prominent decentralized finance (DeFi) platforms such as Uniswap. These notices mark the beginning of an investigation into their potential involvement in securities offerings that may not have been properly registered with the SEC.
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2024-05-03 22:14