Breaking News: Charles Hoskinson Counters Michael Saylor’s Classification of ADA, ETH, SOL, and XRP
The chairman of MicroStrategy, Michael Saylor, a well-known Bitcoin maximalist, has recently claimed that the United States Securities and Exchange Commission (SEC) will categorize several altcoins, including Binance Coin (BNB), Solana’s SOL, Ripple’s XRP, and Cardano’s ADA, as unregistered securities. Saylor further added that the SEC would designate Ether (ETH), the market’s second-largest cryptocurrency, as an unregistered security this summer, which could result in the rejection of all spot ETH ETF applications.
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Saylor also argued that these altcoins would not attract the attention of Wall Street and mainstream institutional investors, and consequently, they would not see the launch of spot ETFs based on them. On the other hand, Saylor emphasized Bitcoin’s unique status as the only cryptocurrency with full institutional acceptance, calling it the “one universal” institutional-grade crypto asset with no contenders.
💥NEW: Ethereum, BNB, Solana, Ripple, Cardano will be deemed a securities this summer and will never be accepted by Wall Street- Michael Saylor pic.twitter.com/1N2phnj6hI
— Radar🚨 (@RadarHits) May 3, 2024
In response to Saylor’s statements, Cardano founder Charles Hoskinson sarcastically referred to Bitcoin maximalists who frequently accuse him of bashing Bitcoin and claim that “altcoiners are so toxic.” While criticizing major altcoins in the market, these Bitcoin maximalists always claim that “literally everything but Bitcoin is illegal and a scam.”
My honest opinion (NFA) is that an Ethereum ETF won't be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we've always been here, haven't we?
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 28, 2024
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The SEC’s decision to categorize Ether as a security could have significant consequences for the crypto industry. It could influence the approval of ETH spot ETF products and how companies interact with the asset. However, BlackRock CEO Larry Fink maintains that a spot ether ETF could still be possible, even if the SEC deems ETH a security.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
