- Michael Saylor predicts that Ethereum will be classified as a crypto asset security
- Charles Hoskinson was quick to respond to the Bitcoin maxi’s comments
The United States is taking steps toward regulating the cryptocurrency market, starting with platforms like Kraken, Coinbase and Uniswap. Now it appears it is turning its attention to Ethereum [ETH]. As expected, opinions on such an undertaking are divided.
While some oppose the classification of ETH as a security by the Securities and Exchange Commission (SEC), MicroStrategy’s executive chairman says Michael Saylor believes otherwise.
Michael Saylor’s argument
According to the director, Ether, the world’s largest altcoin, should be classified as a crypto asset security rather than a commodity. Speak at the MicroStrategy World 2024 conference, Saylor added:
“At the end of May you will find out that Ethereum will not be approved. Then it will be clear to everyone that Ethereum is considered a crypto asset security and not a commodity.”
He further said:
“After that you will see that Ethereum, BNB, Solana, Ripple, Cardano, everything on the stack is an unregistered crypto asset security.”
The implication of what Saylor claims is that none of the aforementioned tokens will ever be included in a spot ETF or accepted by Wall Street or recognized as crypto assets by mainstream institutional investors.
Charles Hoskinson intervenes
Needless to say, Saylor’s comments weren’t well received by everyone. Criticism of the comments of the director, co-founder of Cardano Charles Hoskinson took to X (formerly Twitter) and commented:
“Michael, if your only argument for Bitcoin is that governments love and value it and that all altcoins are hated by governments, then you are on the wrong side of history, my friend.”
His response highlighted the prevailing idea among Bitcoin maximalists that cryptocurrencies outside of Bitcoin can be considered illegal or fraudulent. This criticism further touched on a broader debate within the cryptocurrency community, a debate about the legitimacy of alternative digital assets.
However, this isn’t the first time Hoskinson has taken a stand for altcoins. A month ago a Forbes article labeled several cryptocurrencies as ‘crypto zombies’. Cardano was on the list [ADA]Ripple [XRP]and Bitcoin Cash [BCH].
Comment to the above criticism Hoskinson said:
“Hey guys @tezos @Algorand @bitcoincashorg @Ripple_XRP1 @StellarOrg @BobSummerwill according to Forbes we are all Crypto Zombies. I think it’s because we have all the brains.”
Additionally, Ben Armstrongalso known as BitBoy Crypto, expressed concerns about Cardano, saying: “ADA is DEAD for REAL.” Purifying the air around the same, Hoskinson replied,
‘Sorry, Ben. Once you get on the Ada train, we have nothing more to discuss about cryptocurrencies. I wish you much success in the coming years.”
The interests of investors remain unaffected
These comments emphasize that such speculations are only guesses. In fact, recent findings show that Cardano has a higher Nakamoto coefficient than other altcoins, indicating greater decentralization.
Source: EDI