SEC Classifies Ether as a Security, Bans Spot Ether ETFs – Michael Saylor
MicroStrategy Executive Chairman Michael Saylor has speculated that the United States Securities and Exchange Commission (SEC) will ban the listing and trading of the space ether (ETH) exchange.
Speaking at the MicroStrategy Bitcoin for Corporate conference on May 1, he said that the SEC would designate ETH as a crypto asset security under its jurisdiction, rather than a commodity under the US Commodity Futures Trading Commission (CFTC). According to a Microstrategy executive, the SEC may follow suit by treating tokens like BNB, Solana (SOL), XRP and Cardano (ADA) as “crypto asset securities”.[ies] Unregistered”
“None [these tokens] It will never be wrapped by a spot ETF, none of which will be accepted by Wall Street, none of which will be accepted by mainstream institutional investors as crypto assets,” Salor said.
Saylor's comments came as many experts expressed concern that the SEC would approve the listing and trading of spot ETFs on US exchanges. The first critical deadlines for ETF applications from VanEck and ARK Invest will be May 23 and May 24, respectively.
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Unredacted portions of the lawsuit filed by Consensys allege the SEC launched a security investigation into Ether in March 2023. SEC Chairman Gary Gensler declined to answer direct questions about Ether's security at an April 2023 hearing. .
Saylor is a proponent of BTC and the leading force behind a micro strategy that uses cryptocurrency as a reserve asset. As of April 30, the company has 214,400 BTC – worth more than $13 billion at the time of publication.
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