- The CEO claimed that most crypto exchanges list unregistered securities.
- Gensler told CNBC that the SEC considers Bitcoin a commodity.
Michael Saylor, CEO of MicroStrategy and an outspoken Bitcoin proponent, has said that Ethereum is a security. Because of its changing nature, Ethereum is not considered a commodity by Saylor. According to him, there is no issuer for commodities like gold, steel, and the like, and their properties cannot be altered.
There was an ICO for Ethereum, and hard forks may be used to modify the properties of the currency. According to Saylor, it meets the Howey Test under Securities legislation if a digital asset’s code may be altered to impact its value or issue fundamentally.
Securities like this should be marketed with comprehensive disclosures about the issuers and the dangers they pose. According to him, the decentralization, lack of an initial coin sale, and lack of interest in altering the network’s design make Bitcoin a non-security.
On the other hand, MicroStrategy’s CEO claimed that most crypto exchanges list unregistered securities. Given that he is a Bitcoin maximalist, his opinions on Bitcoin and Ethereum are not shocking. His organization, MicroStrategy, is one of the major holders of the main digital asset, BTC.
As a result of Senator Cynthia Lummis’ bill, which defined Bitcoin as a commodity, he commented that he did. The Commodities and Futures Trading Commission should be responsible for regulating adequately decentralized assets with a distinct classification according to the law.
Gary Gensler, the head of the Securities and Exchange Commission (SEC), said that most digital assets are securities. Gensler told CNBC that the Securities and Exchange Commission considers Bitcoin a commodity. However, he declined to provide the commission’s opinion on other digital currencies like Ethereum.
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