At MicroStrategy World 2024, Michael Saylor said the SEC will classify Ethereum as a security this summer and reject spot ETF applications involving BlackRock, along with similar designations for other cryptocurrencies such as BNB, Solana, XRP, and Cardano. I'm predicting.
“None of this will be wrapped up in a spot ETF and none of it will be accepted by Wall Street,” Thaler said.
BlackRock CEO Larry Fink argued for the possibility of a Spot Ethereum ETF on Fox Business' “Craman Countdown,” even though the SEC classifies ETH as a security. .
Saylor highlighted Bitcoin's institutional acceptance as the only universal institutional-grade crypto asset. MicroStrategy recently added $1.65 billion in BTC to its holdings and announced a Bitcoin-based decentralized identity (DID) product.
Market optimism for Ethereum ETF approval has waned, with the chance of approval now at just 11%, according to Polymarket. The SEC's key decision date on VanEck's ETF proposal and other issues is set for May 23. The SEC will also clarify whether ETH is a security, which could impact its use and product approval.
Although a clear ETH designation may provide certainty for companies, it may impact the approval and use of products without registration. Analysts have significantly revised down their approval forecasts for the Ethereum ETF, signaling uncertainty about the regulatory outcome.
Michael Saylor and Larry Fink's disagreement over the possibility of an Ethereum ETF highlights the uncertainty and debate surrounding the regulatory status of cryptocurrencies.
Saylor's prediction that Ethereum could be subject to SEC rejection and classification as a security, leading to a boost to Bitcoin's dominance, raises concerns about regulatory hurdles and their impact on market trends is reflected.
Also read: Litecoin founder bullish on SEC approval of Litecoin ETF
