Bitcoin Maxi Michael Saylor Slams ETH and XRP, Says They Won’t Get Spot ETFs

MicroStrategy founder Michael Saylor issues negative predictions for Ethereum (ETH) and other altcoins like XRP and Cardano (ADA), says they will not be wrapped by a spot ETF. 

Saylor issued the predictions during MicroStrategy’s recent Bitcoin for Corporation event. A video clip showing Saylor’s harsh comments have been making rounds on X.  

Saylor Fires Shots at ETH, XRP, BNB, ADA, and SOL 

The famous Bitcoin proponent speculated that the United States Securities and Exchange Commission (SEC) will not approve any Ethereum spot-based exchange-traded funds (ETFs) applications this summer. 

According to him, after the SEC denies these Ethereum ETF applications, it will become evident to everyone that ETH is not a commodity but an unregistered security. 

Furthermore, Saylor criticized other crypto assets, including XRP (XRP), Solana (SOL), Binance Coin (BNB), and Cardano (ADA), describing them as unregistered crypto asset securities. 

He noted that these altcoins will not get their spot ETF and are unlikely to gain mainstream adoption among institutional investors and Wall Street. 

Saylor Heaps Praises on Bitcoin 

However, he reiterated his support for Bitcoin, characterizing it as the “one, universal, consensus, accepted, institutional-grade crypto asset.” 

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Saylor has been a major Bitcoin advocate since August 2020, when MicroStrategy commenced its BTC acquisition spree.

Since then, Saylor has not only spearheaded MicroStrategy’s BTC acquisition but has also aligned with other Bitcoin proponents to advocate for stern regulatory measures against altcoins. 

SEC Stringent Measure Against Altcoins 

All altcoins listed by Saylor are part of the SEC’s ongoing securities-related investigations or lawsuits. In December 2020, the SEC labeled XRP a security in its case against Ripple. 

The regulatory agency also gave the securities tag to SOL, ADA, and BNB in its lawsuits against Coinbase and Binance. 

Although it has not officially labeled ETH a security, the SEC is investigating whether certain ETH-related transactions constitute investment contracts. 

Of all assets Saylor referred to as securities, XRP is the only altcoin with legal clarity in the United States. The coin received this clarity from a New York federal court in July 2023. 

Will SEC Approve Ethereum Spot ETF? 

Earlier this year, crypto enthusiasts were confident about seeing at least one Ethereum ETF approved in 2024. This optimism gained momentum after the SEC approved multiple Bitcoin ETFs in January, with Bloomberg ETF expert Eric Balchunas putting the odds of approval at 70%. 

Amid the SEC’s ongoing investigation regarding whether certain Ethereum transactions constitute securities, the fate of Ethereum’s ETF prospects currently hangs in the balance. 

Nonetheless, Larry Fink, CEO of BlackRock, believes that an Ethereum ETF could still go live even if the SEC classifies ETH as a security. BlackRock is one of the companies vying to launch a spot ETF for Ethereum.