Hot Take: Is The SEC ‘Setting’ Bitcoin For The Bull Run?

Sahana Kiran
Bitcoin
Source – Unsplash

Amidst the regulatory developments unfolding in the crypto industry, the status of various crypto assets is shrouded in uncertainty. Lawsuits and regulatory scrutiny have left many questioning the future of these assets. However, proponents of Bitcoin, often referred to as BTC maximalists, assert that Bitcoin stands apart, as it is not considered a security and is viewed relatively immune to regulatory challenges.

MicroStrategy’s Michael Saylor, a major Bitcoin bull recognized for his significant BTC purchases, has joined the chorus highlighting BTC’s non-security status. Sharing his thoughts on the current landscape, Saylor stated,

“[The SEC’s] view is crypto exchanges should trade and hold pure digital commodities like Bitcoin and so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe a half a dozen to a dozen other proof of work tokens.”

He explained that regulators generally have a negative stance towards stablecoins, crypto assets, and crypto-based derivatives. He further said that they do not view a viable future for crypto.

In his interview with Bloomberg, Saylor noted that the future of the U.S. crypto industry would be more focused on Bitcoin. He also suggested that the actions taken by the SEC were laying the groundwork for the next BTC bull run. He added,

“The next logical step is for Bitcoin to 10x from here and then 10x again.”

Should Bitcoin maxis calm down?

Saylor and other Bitcoin maximalists have faced significant criticism for their recent remarks. Many have argued that this group seems unaffected by the regulatory challenges faced by firms like Coinbase and Binance.

A few others reminded these Bitcoin advocates that this was a war against the entire crypto market. Anthony Sassano, the host of The Daily Gwei, tweeted,

“Bitcoin maxis should be standing behind Coinbase no matter their view on “shitcoins” Instead, they are taking the SEC’s side and hoping that Coinbase loses its case. Supporting nation-state regulators in their attempt to control the free market – the true cypherpunk way”

A common view voiced by many is that being against firms like Coinbase also implies being against the entire crypto industry, including BTC. But BTC supporters remained untethered.