With the approval of spot Bitcoin ETFs, the crypto sector has evolved into a different dimension. Institutional acceptance started to be discussed and the course of altcoins became a matter of curiosity.
Eyes turned to Ethereum after Bitcoin. The path that the leader of altcoins will follow and whether spot ETFs will be approved started to heat up the agenda.
Michael Saylor, known as the Bitcoin maximalist, addressed what could happen if spot Ethereum ETFs are rejected. Saylor slammed five important altcoins of the sector!
What did Saylor say?
Michael Saylor, co-founder of MicroStrategy, targeted Ether (ETH), Ripple (XRP), Solana (SOL), BNB Chain (BNB) and Cardano (ADA) at a conference on Bitcoin.
Referring to the possibility that Spot Ethereum ETFs may not be approved, Saylor signaled that there may be turmoil in altcoins this summer. "When spot Ethereum ETFs are not approved, probably this summer, Ethereum will be considered a crypto asset, not a commodity," Saylor said.
According to Saylor, the turmoil in altcoins will take place after this stage. He said that after Ethereum is labeled as a crypto asset, the industry's major altcoins will become targets.
Saylor suggested that Ethereum, BNB, Solana, Ripple and Cardano will be shown as an unregistered security. Saylor also said that none of these altcoins will have a spot ETF.
The Bitcoin maximalist claimed that these five altcoins will not be accepted by Wall Street and other institutions.
Why Ethereum, BNB, Solana, Ripple and Cardano have become targets
Why did Saylor target these altcoins?
Michael Saylor targeted Ripple, Ether, Cardano, BNB and Solana. Saylor's comments received a lot of backlash, but it didn't come as a surprise. As it is known, the SEC is having problems with these altcoins that Saylor counted.
The SEC, the US securities regulator, had filed a lawsuit alleging that Ripple was selling unregistered XRP and profiting from it. The case between the SEC and Ripple continues to be contentious. The SEC continues to insist that Ripple is a security. The Ripple side denies the allegations.
On the other hand, the SEC is of the opinion that Ethereum is also an unregistered security. The Ethereum developer team recently sued the SEC. The team claimed that the SEC had been accusing Ethereum of being an unregistered security for a year. Gary Gensler, the head of the SEC, refrains from making statements about Ethereum.
On the other hand, BNB is on the SEC's radar because of Binance. As it is known, Binance admitted to money laundering crimes and Binance's founder CZ received a prison sentence. Binance faced accusations of conducting unregistered securities operations, especially with BNB.
Cardano and Solana, which Saylor targeted, are also among the altcoins that the SEC considers unregistered securities. In one case, the SEC declared that many altcoins were securities. Among them are Cardano and Solana for similar reasons to Ripple.
