👉👉👉 Saylor predicts #SEC will designate #Ethereum as a security and deny spot ETF applications this summer
During a presentation at the MicroStrategy World 2024 conference on May 2, #MichaelSaylor , executive chairman and co-founder of MicroStrategy, shared his belief that the SEC will classify Ethereum as a security this summer. He also predicted that spot ETF applications related to Ethereum, including those filed by asset managers like BlackRock, will be rejected by the SEC.
Saylor further speculated that other cryptocurrencies "down the stack," such as $BNB , Solana ($SOL ), $XRP , and Cardano (ADA), will also receive an unregistered security designation.
In his statement, Saylor emphasized his conviction that Bitcoin (BTC) alone has achieved full institutional acceptance, referring to it as the "one universal" institutional-grade crypto asset. He asserted that there won't be another crypto asset like Bitcoin embraced by Wall Street.
These remarks from Saylor follow MicroStrategy's recent announcement of adding $1.65 billion of BTC to its corporate holdings in the first quarter and the unveiling of its Bitcoin-based decentralized identity (DID) product.
Regarding Ethereum, initial optimism about the approval of spot Ethereum ETFs has waned in recent weeks. The odds of approval, as indicated by Polymarket, have plummeted to a mere 11%. Analysts have adjusted their expectations accordingly, from over an 80% chance of approval to less than 30%.
The SEC faces a critical decision on May 23 regarding VanEck's proposed ETF, along with other similar applications.
There's anticipation for the SEC to clarify Ethereum's classification as a security. Consensys aims to push for ETH not being labeled as a security in a legal case. US lawmakers are also seeking clarity, particularly in relation to Prometheum. A clear designation for ETH could guide companies in handling the asset but might also affect product approvals like a spot ETF and companies' decisions on involvement without proper registration.
Source - cryptoslate.com
