Saylor Predicts SEC Will Designate Ethereum and Reject ETFs Next Summer

Bittime - Saylor expects the SEC to designate Ethereum as a security vehicle and reject ETFs this summer.

This prediction was conveyed directly by Saylor via his social media. You can read more information in this article.

Saylor Prediction: SEC Rejects ETFs

Michael Saylor, Executive Chairman and co-founder of MicroStrategy, believes that the SEC will classify Ethereum as a security this summer, and rejected related ETF applications filed by various asset managers, including BlackRock .

This prediction was conveyed by Saylor via a social media post on May 2, which occurred when he was delivering a presentation at the MicroStrategy World 2024 conference. 

He also projected that other crypto assets “down the stack” will also be labeled as unregistered securities, including BNB, Solana (SOL), XRP, and Cardano (ADA) .

Saylor stated that none of these crypto assets would be part of a spot ETF, and none would be accepted by Wall Street.

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Full Support for Bitcoin

Saylor actually emphasized that Bitcoin (BTC) has full institutional support. He described BTC as a “universal” institutional-grade crypto asset and stated that nothing can match it.

Also Read: 10x Research: Beware of False Bitcoin Price Breakouts!

The founder of MicroStrategy is known for his exclusive focus on Bitcoin. The statement comes days after MicroStrategy announced the addition of $1.65 billion in BTC to its corporate portfolio during the first quarter, which also coincided with the announcement of a Bitcoin-based decentralized identity (DID) product.

ETH Key Decisions

While the market was initially optimistic about the approval of an Ethereum spot ETF, those expectations have dropped significantly in recent weeks. 

Polymarket, for example, only provides an 11% chance of approval at this time. 

Analysts have also revised their expectations from an initial approval chance of more than 80% to less than 30%.

The key date for the SEC's decision is May 23, when the regulator is expected to rule on VanEck's ETF proposal. This decision could also have implications for other similar applications.

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SEC Must Decide

Regarding Ethereum, the SEC may have to make a decision on whether ETH can be considered a security. 

Consensys, a blockchain development company, has filed an application to have the SEC declare that ETH is not a security in a legal context. 

Additionally, US lawmakers have also requested clarity from the SEC on similar issues relating to other companies, such as Prometheum.

Also Read: Crypto Crusade in Iran: Elizabeth Warren Claims Bitcoin Mining in Iran is Used for Terrorism

A clear determination of Ethereum's status can provide clear guidance for companies in managing the asset. 

However, this decision also has the potential to impact whether the SEC will approve certain products, such as spot ETFs, as well as how companies will work with Ethereum without proper registration.

How to Buy Ethereum (ETH) on Bittime

You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Ethereum (ETH) on Bittime . 

Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.