Michael Saylor Warns SEC to Flag ETH, ADA, SOL as Securities

MicroStrategy’s executive chairman makes some bold assertions about the SEC’s looming crackdown on altcoins.

Michael Saylor doing a magic trick with Bitcoins.
Created by Gabor Kovacs from DailyCoin
  • Michael Saylor makes some wild speculations about the crypto landscape. 
  • The MicroStrategy founder predicts the SEC could soon target major altcoins like ETH, ADA, and SOL. 
  • There could be some merit to Saylor’s assertions, considering the SEC’s history. 

Michael Saylor, the driving force behind MicroStrategy’s ascent as one of the most prominent players in the crypto industry, is known for his unwavering support for Bitcoin. However, his stance on altcoins is equally firm: there’s no second best after Bitcoin. 

Speaking at MicroStrategy’s Bitcoin For Corporations conference, Saylor didn’t hold back in his critique of altcoins, speculating about the SEC’s looming crackdown on crypto. 

Michael Saylor’s Bold Assertions

Michael Saylor stirred speculation that the SEC could target several major altcoins soon. In his speaker note, the MicroStrategy co-founder made a bold statement: The SEC will deny the listing and trading of all spot ETH ETFs. 


Saylor emphasized that the SEC will likely classify ETH as a crypto asset security under its regulatory purview, diverging from its treatment as a commodity under the US Commodity Futures Trading Commission CFTC) and, in turn, hurting the prospects for a spot ETH ETF approval any time soon.  

Expanding on his prediction, he added that the SEC’s scrutiny would extend to other leading tokens, including Binance’s BNB, Solana’s SOL, Ripple’s XRP, and Cardano’s ADA, with the regulator labeling them as unregistered crypto asset securities. 

“None of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets,” said Saylor.

Saylor’s comments come amidst mounting hype surrounding ETH ETFs, with all eyes turned to May 23 and 24, the deadlines for ETF applications from VanEck and Ark Invest. While it is uncertain whether things will go as the MicroStrategy executive predicted, there could be some merit to his assertions. 

The SEC’s History of Labeling Tokens as Securities

In the summer of 2023, the SEC unleashed a flurry of attacks on some of the largest crypto exchanges in the country, including Binance and Coinbase. While the former’s case has concluded, resulting in its former CEO, Changpeng ‘CZ’ Zhao, being imprisoned and the exchange paying a hefty fine of over $4 billion, the legal battle with Coinbase remains ongoing.


In its attack, the SEC accused Binance and Coinbase of offering unregistered securities. Solana, Cardano, Ripple, and BNB were among the assets identified as securities, many of which Saylor highlighted in his speech.

Although Ripple later broke free of its ‘security’ status, marking a triumphant victory over the SEC, the other tokens have yet to clear their name. 

On the Flipside

  • The SEC could approve leveraged ETH ETFs in May despite probing Ethereum’s security status. 
  • Experts predict there is a slim chance that the SEC will approve ETH ETFs in May; however, they’re optimistic that the investment vehicle will gain approval later this year. 

Why This Matters

Michael Saylor’s predictions can be harrowing for the crypto industry, especially as the market tries to recover from the lingering aftermath of the previous bear market and recent geopolitical tensions.

Read how Bitcoin made its recent comeback:
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Jack Dorsey’s Block is under federal investigation:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.