The crypto community is familiar with criticism of Cardano, with its founder Charles Hoskinson defending it. This time, he protected ADA from attacks by MicroStrategy CEO Michael Saylor.
MicroStrategy's executive chairman believes Bitcoin will be "the only institutional asset in the world" and no other asset can qualify as "securities."
Charles Hoskinson Denies Saylor's Allegations
Michael Saylor stated that assets like BNB, Solana, Cardano, and Ripple will never have spot exchange-traded funds and that major Wall Street banks will never accept them. He even bet that these altcoins will be classified as âsecuritiesâ this summer.
"Saylor said, "When Ethereum [ETF] is not approved this summer, it will be very clear to everyone that Ethereum is considered a security and not a commodity, after which BNB, Solana, Ripple and Cardano will also be considered securities. They will never be a spot ETF. Neither will be accepted by Wall Street. âBitcoin is the only institutional asset,â he said.
As a result, Charles Hoskinson criticized the attitude of MicroStrategy's CEO. He suggested that Saylor is a traditional "Bitcoin maximalist" who sees all cryptocurrencies other than Bitcoin as scams.
Komodo CTO Kadan Stadelmann agreed with Hoskinson's stance. He said Saylor's Bitcoin maximalism shines brightest when he points out that most other cryptos are actually securities. Stadelmann added that no one knows what the future will bring. However, it is important to acknowledge that major companies such as BlackRock and Fidelity have done their due diligence and applied to launch spot Ethereum ETFs. If the SEC rejects these applications, companies could sue the regulator as similar products in the futures markets are approved.
Stadelmann said, "Bitcoin is much more established than altcoins. Major companies did a thorough review of Bitcoin, not other crypto assets, and it took them a very long time to do so. However, many people have not heard of Cardno or Ripple, and many know nothing about Ethereum." âUncertain regulatory guidelines due to lack of action by the US Congress leave the future of Ethereum and other altcoin ETFs uncertain, leaving the entire industry waiting for clarity,â he said.
It is worth noting that Cardano is on the US Securities and Exchange Commission's (SEC) securities list along with tokens such as Solana, Polygon, Cosmos, Sandbox, Decentraland and Algorand.
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