07-11-2022 icon

MicroStrategy co-founder Michael Saylor highlights Ethereum as a security

By Lucy Adegbe

American business executive and co-originator of MicroStrategy, Michael Saylor, has in a talk with Altcoin Daily categorically underlined Ethereum as a security and further reiterated that Bitcoin is the sole stock in the cryptocurrency space.

Saylor’s voluble response to the question concerning the US legislative grouping of Bitcoin and Ethereum as stocks elucidated that Ethereum strikes more like a security rather than a commodity.

US state person Kirsten Gillibrand had earlier asserted that “most cryptocurrencies go to the SEC” hence “Bitcoin and Ether would certainly be commodities.”

According to Michael Saylor, “I think Ethereum is a security, I think it’s pretty obvious. It was issued by an ICO, there’s a management team, there was a premise, there’s a hard fork, there’s continual hard forks, there’s a difficulty bomb that keeps getting pushed back.”

Saylor continued, pointing out rationales for a virtual property to be considered a commodity.  He explained that such property must be fully supported by a “decentralized protocol where nobody can change it even if they want to change it. 

The CEO also expressed his opinions on the various existing altcoins like Cardano, citing that all of the proof-of-stake networks are securities and they are all very risky. “It’s above my pay grade, the regulators will decide whether or not they allow them to continue or they don’t allow them to continue,” he said.