Michael Saylor: SEC will designate Ethereum as a security and reject spot ETF applications in the summer

Michael Saylor, the CEO and co-founder of MicroStrategy, believes that Ethereum will be classified as a security by the SEC this summer and that several asset management companies, including BlackRock, will have their related spot ETF applications rejected. Saylor made this prediction in a social media post during his speech at the MicroStrategy World 2024 conference on May 2. He further predicted that other cryptocurrencies "under the stack" will also receive unregistered names, including BNB, SOL, XRP, and ADA. Saylor asserts that only Bitcoin has received full institutional recognition and calls BTC a universal institutional-grade cryptographic asset, stating that there will not be another one.