The man responsible for MicroStrategy’s meteoric rise to Bitcoin leadership, Michael Saylor, is once again in the limelight, but this time he is criticizing major cryptocurrencies.
Saylor hinted at rough treatment of cryptocurrencies like Ethereum (ETH), Binance Coin (BNB), and others by the SEC at a recent conference, implying that they would not be incorporated in future financial products like spot ETFs.
Altcoins, in Saylor’s opinion, will never be able to compete with Bitcoin. In his view, the SEC will reclassify alternative cryptocurrencies from commodities to securities and will likely disapprove of Ethereum ETFs.
That would change the game for institutional investors when it comes to trading and recognizing these currencies.
Although Saylor’s support for Bitcoin shapes his position, the actions of the SEC in the last several months provide support for his forecasts.
The regulatory agency has cracked down hard on major cryptocurrency exchanges, sending Binance’s CEO to jail and slapping hefty penalties on others.
These developments point to stricter crypto restrictions, which would lend credence to Saylor’s arguments.
Saylor’s remarks have caused cryptocurrency advocates to fear that the SEC may clamp down on the market as a whole.
Nevertheless, there is optimism that the SEC would priorities real concerns, such the prosecution of unregistered securities, over well-established cryptocurrencies such as Ethereum.
In the next weeks, we shall see if Saylor’s predictions on regulatory reforms have any impact on the cryptocurrency market or whether they are just going to go away.
Also Read: Roubini Questions Bitcoin’s Security and Decentralization
