MicroStrategy Executive Chairman Michael Saylor called Ether a security and suggested that for this reason the US Securities and Exchange Commission (SEC) would not approve spot ETFs tied to the coin.

Speaking at the MicroStrategy World 2024 conference, Michael Saylor suggested that the US regulator would declare ether a security rather than a commodity. Therefore, there is a very high probability that the SEC will reject all applications from companies wishing to launch exchange-traded funds on ether.

Note that by May 23, the department must approve or reject these applications. Saylor also suggested that other major cryptocurrencies Binance Coin (BNB), Solana (SOL), Ripple (XRP) and Cardano (ADA) would also be classified as securities, with the SEC calling them unregistered securities.

“None of the altcoins will ever be included in spot ETFs, and none of them will gain recognition on Wall Street. Bitcoin only. There is no second best cryptocurrency,” Saylor said.

As a Bitcoin maximalist, Saylor insists that this cryptocurrency will gain acceptance among large companies. According to him, Bitcoin is the “only universal” crypto asset suitable for institutional-level investments, and has no serious competitors.

MicroStrategy recently introduced a decentralized identity solution, MicroStrategy Orange, which will run on the Bitcoin blockchain. In addition, the company holds large reserves of bitcoins on its balance sheet. In March, MicroStrategy purchased an additional 9,245 BTC at an average price of $67,382 per coin.