Ether Classified as Security, Spot ETFs Denied

During the Bitcoin For Corporations conference hosted by MicroStrategy, executive chair Michael Saylor predicted that the United States Securities and Exchange Commission (SEC) would not approve the listing and trading of spot Ether exchange-traded funds (ETFs). Saylor believes that the SEC will categorize ETH as a crypto asset security falling under its regulatory jurisdiction, rather than considering it a commodity overseen by the U.S. Commodity Futures Trading Commission (CFTC). Saylor further added that other tokens like BNB, Solana, XRP, and Cardano could also face the same treatment, preventing them from being embraced by Wall Street and institutional investors as crypto assets. These comments from Saylor coincide with growing concerns about whether the SEC will give its approval for spot Ether ETFs to be traded on U.S. exchanges.

Two significant ETF applications from VanEck and ARK Invest are scheduled for submission on May 23 and May 24, respectively. An unredacted lawsuit filed by Consensys revealed that the SEC had already initiated an investigation into Ether as a potential security as early as March 2023. SEC Chair Gary Gensler has been evasive when questioned directly about the security status of Ether during an April hearing, contradicting his previous statements. It is worth noting that Saylor has been an ardent supporter of Bitcoin (BTC) and has played a vital role in MicroStrategy’s acquisition of the cryptocurrency as a reserve asset. As of April 30, MicroStrategy held an impressive 214,400 BTC, valued at over $13 billion at the time of this writing.

7 thoughts on “Ether Classified as Security, Spot ETFs Denied

  1. Saylor’s support for Bitcoin shouldn’t cloud his judgment when it comes to acknowledging the potential of other crypto assets. It’s unfair and biased.

  2. It’s infuriating that the SEC is holding back the approval of spot Ether ETFs. They’re stifling growth and potential in the crypto market. 😡

  3. Why is the SEC being so evasive about the security status of Ether? It’s causing uncertainty and harming the market.

  4. I’m sick of institutions like Wall Street controlling the narrative and preventing the adoption of crypto assets. Let the market decide!

  5. Saylor seems biased towards Bitcoin and is undermining other promising tokens like BNB, Solana, XRP, and Cardano. Not cool!

  6. It’s so frustrating that the SEC might categorize ETH as a security. It’s holding back innovation in the crypto space!

  7. SEC Chair Gary Gensler needs to provide clear and consistent statements about Ether’s status as a security. This is creating unnecessary confusion. 😤

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