Michael Saylor, a prominent figure in the Bitcoin community, has voiced his skepticism regarding the future acceptance of Ethereum and other altcoins in institutional circles. Speaking at the annual Bitcoin For Corporations event, Saylor suggested that regulatory bodies view many cryptocurrencies, including Ethereum, Ripple, and others, as unregistered crypto asset securities rather than commodities.
According to Saylor, the recent approval of a spot Bitcoin exchange-traded fund (ETF) in January signaled a turning point in regulatory attitudes towards cryptocurrencies. He predicted that Ethereum’s failure to garner approval for a similar ETF by the end of May would reinforce its classification as a crypto asset security.
Saylor’s remarks come amid a wave of filings for Ethereum-backed ETFs, which have faced delays from regulatory authorities such as the U.S. Securities and Exchange Commission (SEC). The SEC’s scrutiny of Ethereum and the broader crypto industry has intensified, with reports indicating that SEC Chair Gary Gensler has considered Ethereum a security for at least a year.
The SEC’s actions include investigating major Ethereum stakeholders and decentralized finance (DeFi) platforms like Uniswap, particularly in light of Ethereum’s transition to a proof-of-work consensus mechanism.
Overall, Saylor’s comments reflect growing concerns within the crypto community about regulatory hurdles facing altcoins, particularly Ethereum, as they seek broader institutional acceptance.
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