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MicroStrategy executive chair <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/michael-saylor">Michael Saylor</a> speculated that the United States Securities and Exchange Commission will deny listing and trading of spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) exchange-traded funds.
Speaking at MicroStrategy’s Bitcoin For Corporations conference on May 1, Saylor <a href="https://twitter.com/saylor/status/1786128074138140956" target="_blank" rel="noopener nofollow">said</a> the SEC would label ETH as a crypto asset security under its regulatory purview and not a commodity under the U.S. Commodity Futures Trading Commission. According to the MicroStrategy executive, the SEC could follow by treating tokens, including BNB (<a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>), Solana’s SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>), XRP (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>) and Cardano’s ADA (<a href="https://cointelegraph.com/ada-price-index">ADA</a>) as “crypto asset securit[ies] unregistered.”
“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. 
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 Source: <a href="https://twitter.com/saylor/status/1786128074138140956" target="_blank" rel="noopener nofollow">Michael Saylor</a>
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Saylor’s remarks came as many experts expressed concerns about whether the SEC will <a href="https://cointelegraph.com/news/ethereum-spot-etf-probably-rejected-van-eck-ceo">approve the listing and trading</a> of spot Ether ETFs on U.S. exchanges. The first significant deadlines for ETF applications from VanEck and ARK Invest will be May 23 and May 24, respectively.
Related: <a href="https://cointelegraph.com/news/microstrategy-bitcoin-decentralized-identity-solution">MicroStrategy to launch Bitcoin-based decentralized ID solution</a>
Unredacted portions of a lawsuit filed by Consensys <a href="https://cointelegraph.com/news/sec-gary-gensler-misleading-lawmakers-ether">alleged that the SEC</a> launched an investigation into Ether as security as early as March 2023. SEC Chair Gary Gensler avoided <a href="https://cointelegraph.com/news/us-house-committee-chair-repeatedly-presses-sec-chair-is-ether-a-commodity-or-a-security">answering direct questions</a> on whether Ether was a security in an April 2023 hearing, despite previous statements suggesting otherwise.
Saylor is an outspoken proponent of BTC and a leading force behind MicroStrategy acquiring the cryptocurrency as a reserve asset. As of April 30, the <a href="https://cointelegraph.com/news/microstrategy-records-q1-net-loss-bitcoin-buying-spree-continues">firm held 214,400 BTC</a> — worth more than $13 billion at the time of publication.
Magazine: <a href="https://cointelegraph.com/magazine/get-bitcoin-or-die-tryin-why-hip-hop-stars-love-crypto/">Get Bitcoin or die tryin’: Why hip hop stars love crypto</a>

SEC will classify Ether as security, deny spot Ether ETFs — Michael Saylor

Cointelegraph

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