Michael Saylor: Ethereum, altcoins are unregistered crypto securities 

Bitcoin
maxi
Michael
Saylor
opined
that
several
crypto
altcoins,
like
Ethereum
and
Ripple,
will
not
achieve
institutional
acceptance
this
decade. 

MicroStrategy
Executive
Chairman
Michael
Saylor
told
attendees
of
the
annual
Bitcoin
(BTC)
For
Corporations
event
that
Wall
Street
regulators
view
“everything
down
the
stack”
as
unregistered
crypto
asset
securities. 

“You
could
see
the
writing
on
the
wall
when
the
spot
ETF
of
Bitcoin
was
approved
in
January.
By
the
end
of
May,
you’ll
know
that
Ethereum
is
not
going
to
be
approved,
and
when
Ethereum
is
not
approved
this
summer,
it’ll
be
very
clear
to
everyone
that
ETH
is
deemed
a
crypto
asset
security,
not
a
commodity.”

Michael
Saylor,
MicroStrategy
Executive
Chairman

Saylor
also
grouped
other
non-Bitcoin
cryptocurrencies
like
Solana
(SOL),
Ripple
(XRP),
and
Cardano
(ADA)
in
the
same
unregistered
crypto
asset
security
bracket. 

Ethereum
crackdown

The
comments
come
as
several
spot
Bitcoin
ETF
issuers
have
filed
for
similar
products
underpinned
by
Ethereum
(ETH),
crypto’s
second-largest
digital
asset. In
response,
the
SEC
has

delayed
several
spot
ETH
ETF
filings
from
issuers
like
BlackRock,
Fidelity,
and
Grayscale. 

Furthermore,
the
U.S.
SEC
deployed
an
ongoing
crackdown
on
Ethereum
and
the
broader
crypto
industry,
as
proponents

argue
that
tokens
like
ETH
fall
outside
the
purview
of
existing
securities
laws. 

Recent
reports
citing
a
year-old
document

revealed
that
SEC
Chair
Gary
Gensler
has
considered
ETH
to
be
a
security
since
at
least
last
year.

Spurred
by
ETH’s
transition
to
a
proof-of-work
consensus,
the
SEC
has
issued
a
Wells
notice
to
major
ETH
stakeholders
such
as

Consensys
and
defi
giants
like

Uniswap
in
an
investigation.