Prominent Bitcoin advocate Michael Saylor claimed that Ethereum is a security.
The long-standing debate over whether Ethereum is a commodity or a security was taken to court recently.
While the SEC claims that ETH is a security, Ethereum development company Consensys stated in a recent lawsuit against the SEC that ETH is not a security.
Amidst various comments about ETH, the latest evaluation came from MicroStrategy founder Michael Saylor, known for his support for Bitcoin.
Making surprising statements about Ethereum, Saylor claimed that ETH is a security.
Speaking at the MicroStrategy World 2024 conference yesterday, Saylor argued that the largest altcoin is not a commodity but a security.
Michael Saylor went even further, stating that the SEC will classify Ethereum as a security this summer and will reject spot Ethereum ETFs.
Saylor believes that the SEC will classify many altcoins such as BNB, Solana (SOL), Cardano (ADA), and XRP as securities.
"Ethereum should be recognized as a security, not a commodity. After ETH, you will see that many altcoins like BNB, Solana, Ripple, Cardano, and others are unregistered securities."
The SEC will not approve any spot ETH ETFs. Ethereum and other securities-like altcoins will never be accepted by Wall Street. None of them will be considered a cryptocurrency by mainstream institutional investors."
After these statements, the famous figure also touched upon Bitcoin, asserting that Bitcoin is the only leading cryptocurrency accepted at the institutional level. Saylor described BTC as the "sole universal" cryptocurrency suitable for institutional investments and added that there would be no other cryptocurrency than Bitcoin.