SEC will classify ETH as security and reject spot Ethereum ETFs, says Michael Saylor
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MicroStrategy chief Michael Saylor is making waves with his bold prediction that the SEC will classify Ethereum as a security this summer. He believes this move will not only impact future ETF applications but also the institutional adoption of other major cryptocurrencies like BNB, SOL, XRP, and ADA.
Meanwhile, a BlackRock executive has revealed that sovereign wealth funds are showing interest in Bitcoin and could begin trading in the coming months. This revelation suggests a potential shift in investment attitude toward bitcoin and crypto among some of the world’s largest investors.
Back to MicroStrategy, the firm has has unveiled MicroStrategy Orange, a decentralized identity solution built on the Bitcoin blockchain. The protocol uses a Bitcoin Inscription DID method, similar to the Ordinals technique, to manage secure and tamper-proof identities.
Today’s Newsletter
- SEC will classify ETH as security and reject spot Ethereum ETFs, says Michael Saylor
- BlackRock insider reveals shock sovereign wealth fund interest after ETF boom
- MicroStrategy unveils Bitcoin-based decentralized identity protocol with Ordinals-inspired technique
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ETHEREUM
SEC will classify ETH as security and reject spot Ethereum ETFs, says Michael Saylor
Saylor’s comments come amidst mounting skepticism about the near-term approval of spot Ethereum ETFs. The SEC is set to make decisions on filings by VanEck and ARK on May 23 and May 24, respectively, but recent discussions surrounding the approval process have been notably shallow compared to prior discussions preceding the SEC’s approval of spot Bitcoin funds.
A definitive classification for Ethereum could clarify how companies interact with the asset and influence the SEC’s approval of products like spot ETFs. However, not everyone shares this doubt, with BlackRock CEO Larry Fink suggesting that a spot Ethereum ETF could still be possible even if the SEC classifies ETH as a security. [cryptobriefing]
BITCOIN
BlackRock insider reveals shock sovereign wealth fund interest after ETF boom
Robert Mitchnick, BlackRock’s head of bitcoin and crypto said in an interview that many firms, including sovereign wealth funds, are having ongoing diligence and research conversations about bitcoin. This interest from sovereign wealth funds such as Norway’s $1.6 trillion fund, Saudi Arabia’s $1 trillion Public Investment Fund (PIF), and Kuwait’s Investment Authority (KIA) would represent a huge shift in investment attitude toward bitcoin and crypto.
The arrival of long-awaited spot bitcoin ETFs on Wall Street this year has already opened up bitcoin to a new cohort of investors who previously regarded it as an unproven store of value. BlackRock’s IBIT, the largest of the new funds, has amassed $17 billion in assets under management in the three months since its debut. [forbes crypto]
ECOSYSTEM
MicroStrategy unveils Bitcoin-based decentralized identity protocol with Ordinals-inspired technique
MicroStrategy latest project aims to simplify the adoption of DIDs for organizations and individuals, offering a way to manage online identities securely and pseudonymously. The suite includes the Orange Service for organizations to issue DIDs, the Orange SDK for developers, and Orange Applications like “Orange For Outlook” for digitally signing emails.
According to Cezary Raczko, EVP of engineering at the firm, the project’s vision is to integrate DIDs on Bitcoin with a broader “verifiable credential ecosystem.” This would enable anyone to verify the authenticity of these credentials across various applications without relying on a central authority, potentially enabling a more secure, user-controlled, and decentralized way to issue and verify credentials. [crypto briefing]
Other News
Next Week’s Token Unlocks
- GAL is set to unlock $18M, a supply increase of 5.8%, which will bring its market cap to $323M.
- HFT anticipates a $4M unlock, contributing to a 3.5% rise in supply, while its market cap is $126M.
- MAVIA will unlock $28M, marking a significant 25.5% increase in supply, and has a market cap of $112M.
Vince & Diego
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