MicroStrategy CEO Michael Saylor believes the SEC will classify Ethereum’s ETHER as a security, while rejecting spot Ethereum ETF applications. Saylor spoke at MicroStrategy’s Bitcoin For Corporations conference on May 1, where he shared his thoughts on the topic.
He believes the SEC will label ETH a crypto asset security for regulatory purposes, and not a commodity under the U.S. Commodity Futures Trading Commission.
Moreover, Saylor speculates that the SEC may consider Ether, BNB, SOL, XRP, and ADA unregistered crypto asset securities. “None of [these tokens] are gonna be wrapped up in a spot ETF, none of them are gonna be accepted by Wall Street, none of them are gonna be accepted by mainstream institutional investors as crypto assets,” Saylor said.
The SEC’s decision on Ether ETFs and whether Ether is a security has been a topic of debate for some time. After the decision not to label Ripple’s XRP a security, as well as the approval of a spot Bitcoin ETF, all eyes have been on Ethereum for the next crypto-related decision.
Many experts are skeptical that the SEC will approve spot Ether ETFs for listing and trading. However, Saylor is optimistic that it will happen soon.
When Will the SEC Make Decisions on Ethereum Spot ETFs?
The first key date for ETF filings from VanEck and ARK Invest will be May 23 and May 24, respectively. SEC Chairman Gary Gensler has wavered on his discussions on Ether as a security over the last year. So, a decision won’t come quickly or easily.
While Michael Saylor has been vocal about his support for Bitcoin, he’s also bullish on Ethereum and other assets in the crypto space. Gensler, on the other hand, has been a staunch opponent of cryptocurrencies and digital assets. He has said the SEC remains skeptical of the industry despite their recent decisions in its favor.
The end of May should provide more answers in the ongoing Ether security debate. Michael Saylor’s bullishness will give hope to Ethereum investors. However, we’ll have to wait until VanEck and Ark Invest’s deadlines to know for sure.
