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MicroStrategy Executive Chairman Michael Saylor made a bold statement against Ethereum (ETH), and in a way, endorsed the United States Securities and Exchange Commission (SEC). During the second day of the MicroStrategy World conference, which took place on Thursday (2), Saylor stated that ETH is a security.

With this, the executive echoed the opinion of the SEC, which classified the cryptocurrency in this way. Furthermore, Saylor criticized requests for Ethereum ETFs, opposing their approval. In fact, Saylor stated that the SEC may “never” approve these funds.

Michael Saylor ataca o Ethereum

In addition to attacking Ethereum and calling it a security, Michael Saylor added that there is a very high probability that the SEC will not approve ETFs. Nine requests are under analysis by the agency, which has a deadline of May 23 to provide the first responses.

A famous defender of Bitcoin (BTC), Saylor stated that only this cryptocurrency qualifies as a commodity. In this sense, the executive predicted that other cryptocurrencies, such as BNB, Solana (SOL), XRP and Cardano (ADA), will also enter the SEC’s securities classification.

“None of them will ever be included in a spot ETF, none of them will ever be accepted on Wall Street,” Saylor declared.

While criticizing other cryptocurrencies, Saylor firmly stated that Bitcoin (BTC) is the only one to achieve full institutional acceptance. Reinforcing his famous catchphrase that “there is no second best”, the founder of MicroStrategy stated that only BTC serves the interests of Wall Street.

In the first quarter of 2024 alone, MicroStrategy purchased US$1.65 billion in BTC for its corporate reserves. The company already accumulates a value corresponding to more than 1% of the entire supply of 21 million BTC

Two days earlier, MicroStrategy also unveiled its Bitcoin-based Decentralized Identity Product (DID), called MicroStrategy Orange. The company also changed its approach to become a company focused on Bitcoin technology.

Future of Ethereum ETFs in the United States

Several managers such as BlackRock and Fidelity are pressuring the SEC to approve an Ethereum ETF in cash, but this pressure does not reach the levels of what it was with BTC. Therefore, market analysts lowered their expectations for approval of this fund.

ConsenSys has filed a lawsuit against the US SEC and wants to declare ETH as a non-security. But analysts put the chances of approval of an Ethereum ETF in May at less than 30%.

As the SEC investigations into ETH unfold, it is evident that ETFs could face obstacles in the near future, leading to new legal battles. These funds would offer Wall Street companies and investors a way to gain indirect exposure to ETH, bypassing the need to use exchanges to purchase the cryptocurrency.

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