Ethereum

2024

Bitcoin

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 <p class="paragraph">Michael Saylor, founder of MicroStrategy (NASDAQ: MSTR) and a prominent Bitcoin (BTC) advocate, recently stated that the Securities and Exchange Commission (SEC) is likely to classify major cryptocurrencies like Ethereum (ETH) as securities, not commodities. He anticipates that this classification will result in the denial of all spot Ethereum ETF applications this summer.</p>
 <p class="paragraph">Saylor’s comments extended beyond Ethereum, predicting a similar future for other prominent cryptocurrencies such as Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Cardano (ADA). This announcement was made during his speech at the MicroStrategy World 2024 conference on Thursday.</p>
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  <p class="paragraph">“Ethereum is <a rel="noopener noreferrer nofollow" title="deemed" href="https://thebittimes.com/tag/deemed.html">deemed</a> to be a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset security, not a commodity. After that, you’re gonna see that Ethereum, BNB, Solana, Ripple, Cardano, everything down the stack is just <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-asset <a rel="noopener noreferrer nofollow" title="securities" href="https://thebittimes.com/tag/securities.html">securities</a> unregistered”</p>
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 <h2 class="wp-block-heading" id="h-michael-saylor-on-bnb-sol-and-xrp-etfs">Michael Saylor on BNB, SOL, and XRP ETFs</h2>
 <p class="paragraph">His remarks reflect a broader skepticism about the potential for these assets to gain mainstream financial products such as spot ETFs, which are often seen as a bridge to institutional investment.&nbsp;</p>
 <p class="paragraph">“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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets,” Saylor added.</p>
 <p class="paragraph">Contrasting sharply with his views on Ethereum and others, Saylor reaffirmed Bitcoin’s status as the premier cryptocurrency, uniquely recognized as an institutional-grade asset.</p>
 <p class="paragraph">According to Saylor, Bitcoin stands as the “one universal” <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset that has achieved full institutional acceptance. This distinction highlights the potential for Bitcoin to remain largely unaffected by the regulatory challenges that might beset other <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a>.</p>
 <h2 class="wp-block-heading" id="h-diminishing-prospects-for-ethereum-etf">Diminishing prospects for Ethereum ETF</h2>
 <p class="paragraph">The prospects for an Ethereum ETF are currently bleak, as evidenced by recent developments and expert opinions.&nbsp;</p>
 <p class="paragraph"><em>Justin Sun</em>, the CEO of Tron (TRX), voiced a similar sentiment regarding the challenges ahead for Ethereum’s acceptance by regulators, emphasizing the need for “long-term education with regulators.”&nbsp;</p>
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    <p lang="en" dir="ltr">My honest opinion (NFA) is that an Ethereum ETF won't be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we've always been here, haven't we?</p>— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 28, 2024
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 <p class="paragraph">This aligns with the cautious stance of the SEC, which recently postponed its decision on Franklin Templeton’s proposed spot Ethereum ETF to June 11, 2024.</p>
 <p class="paragraph">James Seyffart, an analyst from <em>Bloomberg Intelligence</em>, also indicated skepticism, noting that the current batch of Ether ETF applications might ultimately be rejected.</p>
 <p class="paragraph">The public comment period initiated by the SEC in April, seeking opinions on proposals from various firms, including Bitwise Ethereum Trust and Fidelity Ethereum Fund, further underscores the regulatory uncertainties surrounding Ethereum.</p>
 <p class="paragraph">Despite the prevailing pessimistic outlook, some industry figures like Larry Fink, CEO of BlackRock, remain optimistic. Fink suggested that an Ethereum ETF might still be feasible even if ETH is classified as a security, with BlackRock actively exploring the possibility of launching such a product.</p>
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    <p lang="en" dir="ltr">NEW: Larry Fink on $ETH spot ETF: @CGasparino: There's a lot of noise about the SEC declaring ether a security which would take it out of the bitcoin category as a commodity. How does that translate into an ETF?<br><br>Fink: “I don’t think – look and I really can’t talk about this… https://t.co/si9ZiM6z30 pic.twitter.com/SVFcGvwRRg</p>— Eleanor Terrett (@EleanorTerrett) March 27, 2024
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 <p class="paragraph">The forthcoming SEC decision on May 23, which includes considerations for VanEck’s ETF proposal among others, will be crucial in determining the future landscape for Ethereum and potentially setting a precedent for how other cryptocurrencies are perceived and regulated.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/michael-saylor-warns-these-popular-cryptocurrencies-will-be-deemed-securities-tbt87453.html">https://thebittimes.com/michael-saylor-warns-these-popular-cryptocurrencies-will-be-deemed-securities-tbt87453.html</a></p>

Michael Saylor warns these popular cryptocurrencies will be deemed securities

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