Michael Saylor Asserts Ethereum and Altcoins as Unregistered Cryptocurrency Securities

Bitcoin maximalist Michael Saylor has expressed his belief that certain altcoins, such as Ethereum and Ripple, will not gain institutional acceptance in the next decade. Speaking at the annual Bitcoin For Corporations event, Saylor, who is the Executive Chairman of MicroStrategy, stated that regulators on Wall Street consider all cryptocurrencies below Bitcoin as unregistered crypto asset securities. He also included other non-Bitcoin cryptocurrencies like Solana, Ripple, and Cardano in this category. These comments come at a time when several issuers have filed for spot Bitcoin ETFs backed by Ethereum, but the Securities and Exchange Commission (SEC) has delayed these filings. The SEC has also been cracking down on Ethereum and the wider crypto industry, with reports revealing that SEC Chair Gary Gensler has considered Ethereum to be a security since at least last year. As part of this crackdown, the SEC has initiated an investigation into major Ethereum stakeholders and decentralized finance platforms like Consensys and Uniswap. Consensys has recently filed a lawsuit against the SEC regarding this crackdown.