Cardano Founder Defends Altcoins Against Michael Saylor’s Claims

Charles Hoskinson, founder of Cardano, criticizes Michael Saylor’s view that only Bitcoin is a commodity, not other cryptocurrencies like Ethereum, XRP and Cardano.

Tensions between Bitcoin maximalists and supporters of other cryptocurrencies have become high. Charles Hoskinson, the founder of Cardano, recently expressed concerns about the dismissive attitude of Bitcoin maximalists towards other cryptocurrencies following Michael Saylor’s recent remarks.

Hoskinson noted that Bitcoin supporters characterize enthusiasts of other cryptocurrencies as toxic, with a penchant for attacking them, but fail to realize that their constant dismissive comments against altcoins are responsible for triggering these responses.

Hoskinson’s criticism and Saylor’s position

Saylor, executive chairman of MicroStrategy, suggested that all cryptocurrencies other than Bitcoin, including Ethereum, Ripple’s XRP, Solana, Binance Coin and Cardano, would be likely to be treated as unregistered securities rather than commodities .

He Express skepticism about approving ETFs based on these cryptocurrencies, predicting that institutional investors and Wall Street may continue to avoid them.

Saylor’s comments followed those of the SEC approval of several Bitcoin ETFs earlier this year, sparking debates about the regulatory future of other cryptocurrencies.

SEC Deliberation on Ethereum ETFs

Amid these controversies, the United States Securities and Exchange Commission (SEC) is deliberating on Ethereum spot ETFs proposed by Grayscale and Franklin Templeton. The decision, initially expected soon, has been postponed until June 11, 2024.

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In particular, the SEC emphasized the need for more time to review the proposed rule changes and adequately address the concerns raised. However, recently reports suggest that the securities regulator may seek to classify some Ethereum offerings as securities.

Interestingly, despite the uncertainty surrounding the regulatory status of Ethereum, Larry Fink, CEO of BlackRock, one of the entities aiming to launch a spot Ethereum ETF, remains optimistic. He believes that even if the SEC classifies ETH as a security, the possibility of an Ethereum ETF going live still exists.

Community reactions to crypto-maximalism

The crypto community has also reacted strongly to maximalist positions, with influencers like XRP YouTuber Moon Lambo. criticize the toxic nature of maximalism and questioning the sincerity behind Saylor’s stated claims.

Robert Sasu, lead developer at MultiverseX, echoed this sentiment, highlighting the negative impact such attitudes have on the broader crypto ecosystem. Sasu underlines the potential of blockchain technology beyond a simple store of value, advocating collaboration and innovation rather than destructive criticism.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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