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Cardano Founder Defends Altcoins Against Michael Saylor’s Claims

Charles Hoskinson, founder of Cardano, criticizes Michael Saylor’s view that only Bitcoin is a commodity, not other cryptocurrencies like Ethereum, XRP and Cardano.

Tensions between Bitcoin maximalists and proponents of other cryptocurrencies have come into sharp focus. Charles Hoskinson, the founder of Cardano, recently voiced his concerns about the dismissive attitude of Bitcoin maximalists towards other cryptocurrencies in the wake of Michael Saylor’s recent remarks.

Bitcoiners: "Why is Charles attacking Bitcoin? Altcoiners are so

Toxic."

Bitcoin Maxi's: "Literally everything but Bitcoin is illegal and a scam"

Hoskinson noted that Bitcoin proponents brand enthusiasts of other cryptocurrencies as toxic, with a penchant for attacking them but fail to realize that their constant dismissive comments against altcoins are responsible for triggering these responses.

Hoskinson’s Critique and Saylor’s Stance

Saylor, executive chairman of MicroStrategy, suggested that all cryptocurrencies other than Bitcoin, including Ethereum, Ripple’s XRP, Solana, Binance Coin, and Cardano, are likely to be treated as unregistered securities rather than commodities. 

He expressed skepticism regarding the approval of ETFs based on these cryptocurrencies, predicting institutional investors and Wall Street might continue to shun them.

Saylor’s comments followed the SEC’s approval of multiple Bitcoin ETFs earlier this year, sparking debates about the regulatory future of other cryptocurrencies.

The SEC’s Deliberation on Ethereum ETFs

Amidst these controversies, the U.S. Securities and Exchange Commission (SEC) is deliberating on proposed spot Ethereum ETFs by Grayscale and Franklin Templeton. The decision, initially expected soon, has been deferred to June 11, 2024.