Key Points
- Michael Saylor predicts that Ethereum will be classified as a crypto-asset security by the SEC.
- Charles Hoskinson, co-founder of Cardano, opposes this viewpoint and defends altcoins.
The United States is progressively regulating the cryptocurrency market, with a focus on platforms such as Kraken, Coinbase, and Uniswap.
Now, it appears to be shifting its focus towards Ethereum (ETH).
Saylor’s Stance on Ethereum
Michael Saylor, executive chairman of MicroStrategy, believes that Ethereum should be classified as a crypto-asset security, not a commodity.
During the MicroStrategy World 2024 conference, Saylor predicted that by the end of May, it would be clear to everyone that Ethereum is a crypto-asset security.
He further suggested that other cryptocurrencies like Binance Coin (BNB), Solana, Ripple, and Cardano would also be classified as unregistered crypto-asset securities.
This implies that these tokens will not be included in a spot ETF, accepted by Wall Street, or recognized by mainstream institutional investors as crypto-assets.
Hoskinson’s Response
Charles Hoskinson, co-founder of Cardano, criticized Saylor’s comments.
He argued that if Bitcoin’s only appeal is that governments approve of it and all altcoins are disliked by governments, then one is on the wrong side of history.
His response touches on the ongoing debate within the cryptocurrency community regarding the legitimacy of alternative digital assets.
Previously, Hoskinson defended altcoins when a Forbes article labeled several cryptocurrencies as “crypto zombies”, including Cardano, Ripple, and Bitcoin Cash.
Moreover, in response to BitBoy Crypto’s claim that Cardano is dead, Hoskinson maintained his support for the cryptocurrency.
These comments underscore that these speculations are merely conjectures.
Recent findings show that Cardano has a higher Nakamoto coefficient than other altcoins, indicating greater decentralization.
