Michael Saylor of Bitcoin Max opined that many alternative cryptocurrencies, such as Ethereum and Ripple, will not achieve institutional acceptance this decade.
Michael Saylor, CEO of MicroStrategy, told attendees at the companies' annual Bitcoin (BTC) event that Wall Street regulators view “everything in the stack” as securities of unregistered crypto assets.
“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 is not going to be approved, and when Ethereum is not approved this summer, it will be very clear to everyone that Ethereum is a security.” For crypto assets, not a commodity.
Michael Saylor, CEO, MicroStrategy
Sailor It also grouped other non-Bitcoin cryptocurrencies such as Solana (SOL), Ripple (XRP), and Cardano (ADA) into the same unregistered crypto asset security segment.
Ethereum campaign
These comments come as several Bitcoin ETF issuers have applied for similar products backed by Ethereum (ETH), the cryptocurrency's second-largest digital asset. In response, the SEC has delayed several spot ETH ETF deposits from issuers such as BlackRock, Fidelity, and Grayscale.
Furthermore, the US Securities and Exchange Commission has launched an ongoing crackdown on Ethereum and the broader cryptocurrency industry, with supporters arguing that cryptocurrencies like Ethereum fall outside the scope of current securities laws.
Recent reports citing a year-old document revealed that SEC Chairman Gary Gensler has considered Ethereum to be a security since at least last year.
Spurred by ETH's move to Proof-of-Work consensus, the SEC issued a Wells Notice to key ETH stakeholders such as Consensus And challenge giants like Uniswap to investigate.