The CEO of Microstrategy and renowned Bitcoin Bull, Michael Saylor has tagged Ethereum, the leading smart contract platform “A Security”
Michael saylor named Ethereum “security” in an interview With Altcoin Daily displayed on YouTube. He went down by agreeing with the claims made by SEC chief Gary Gensler that Bitcoin is the only crypto that fit the description of being a commodity.
He also said concerning Ethereum “I think it’s pretty obvious it’s a security. It was issued via an ICO [initial coin launch]. There’s a management team. There was a pre-mine.”
Saylor says for a crypto to be labeled a commodity, there cannot be a dedicated issuer for its tokens. he said further that any crypto that undergoes a hard fork to alter its protocol or issuance pattern must be considered a security.
The Microstrategy CEO said that the continuous implementation of the Hard fork, including the network’s upcoming merge, only serves to solidify Ethereum’s status as a security, not a commodity.
What also makes Ethereum a security is the difficulty bomb that it undergoes every six months.
Merge Awaits The Last Public Testnet
Merge has successfully cut across two out of the three public testnets. As we know that the Ethereum was expected early this month, Tim Beiko, Network developer, disclosed the Bellatrix upgrade which was slated for June 2nd. This upgrade was done to open the door for the first public testnet, the Ropsten Beacon Chain in preparation for the Merge.