MicroStrategy executive chair Michael Saylor believes that the SEC will classify Ethereum ETHER as a security, but deny Spot Ethereum ETF applications. Saylor spoke at MicroStrategy’s Bitcoin For Corporations conference on May 1 where the topic came up. He believes the SEC will label ETH as a crypto asset security under its regulatory purview and not a commodity under the U.S. Commodity Futures Trading Commission.
Furthermore, Saylor speculated that the SEC may consider Ether, BNB, SOL, XRP, and ADA unregistered crypto asset securities. “None of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,” said Saylor.
Also Read: Ripple (XRP) Reversal is Paving the Way to $2 in 2024
The SEC’s decision on Ether ETFs and Ether being a security has been a topic of debate for some time. Following the decision to not label Ripple’s XRP as a security, as well as the approval of Spot Bitcoin ETFs, all eyes have been on Ethereum for the next crypto-related decision. Many experts still share doubts about whether the SEC will approve the listing and trading of spot Ether ETFs. However, Saylor is optimistic about this happening soon.
When Will The SEC’s Spot Ethereum (ETHER) ETF Decisions Come?
The first significant deadlines for ETF applications from VanEck and ARK Invest will be May 23 and May 24, respectively. SEC Chair Gary Gensler has been hesitant to discuss Ether as a security for the past year. Therefore, the decision won’t come quickly and easily. While Michael Saylor is outspoken about his support for Bitcoin, he is also optimistic about the future of Ethereum and other assets in the cryptosphere. Gensler, on the other hand, is a strong opponent of all cryptocurrencies and digital assets. He’s said that the SEC still opposes the industry despite their decisions supporting it recently.
Also Read: Shiba Inu: Team Member Breaks Down Latest Burn
The end of May will bring forth many answers in the ongoing Ether security debate. Michael Saylor’s optimism will keep the hopes up for Ethereum investors. However, we’ll have to wait until the VanEck and Ark Invest deadlines for certainty.