Michael Saylor, the executive chairman of MicroStrategy, recently expressed his belief that the approval of Ethereum spot ETFs is beneficial for Bitcoin adoption. In an interview on the What Bitcoin Did podcast, Saylor discussed how recent developments indicate a more industry-friendly approach to cryptocurrency regulation in the United States.
Saylor’s previous stance on Ethereum ETFs differed greatly from his current perspective. During the MicroStrategy World event earlier this month, he stated that regulators would not approve Ether and predicted that it would be classified as an unregistered security. He confidently claimed that Bitcoin was the only universally accepted institutional-grade crypto asset.
However, Bloomberg ETF experts also had a pessimistic outlook on Ether ETF approvals until recently. Regulators had been silent on the matter for months, but suddenly began engaging with issuers on their applications. Last week, the agency approved exchanges to list the funds, effectively certifying Ether as a non-security.
Saylor believes that changing political winds in May influenced the Securities and Exchange Commission (SEC) and the Biden administration to shift their stance on cryptocurrency. The House and Senate passed legislation allowing banks in the US to offer crypto custody services, while the House of Representatives passed FIT21, a bill that provides a legal framework for crypto issuers and companies. Additionally, former President Donald Trump voiced his support for protecting citizens’ rights to hold crypto.
Saylor sees these developments as positive for Bitcoin, as they could potentially accelerate institutional adoption. He now believes that the crypto asset class as a whole will gain legitimacy and support from both parties, with Bitcoin leading the way.
In conclusion, Saylor’s recent remarks highlight the changing landscape of cryptocurrency regulation in the US. The approval of Ethereum spot ETFs signifies a more industry-friendly approach, which Saylor believes will benefit Bitcoin and the entire crypto industry as a whole.