Michael Saylor Says SEC Should Shut Down XRP, Ethereum, Solana and Other Altcoins for Being Unregistered Securities

bitcoin (BTCAgitator Michael Saylor says the US Securities and Exchange Commission (SEC) would do well to shut down essentially all altcoins that he says are being sold as unregistered securities.

In a new interview on the PDB Podcast, the former CEO of MicroStrategy He says than many altcoins, especially the leading smart contract platform Ethereum (ETH), are committing securities fraud.

Other altcoins he names include his ETH rival, Solana (SUN), Y XRPthe crypto asset used to operate the Ripple Labs payment platform.

“Ripple is an unrecorded security. It’s pretty obvious. It’s a company, the company owns a lot of [XRP]They sell it to the general public, but they never took the company public and there are no disclosures.

So the SEC’s position is ‘you’re selling an unregistered security’, it’s a crypto token. Like [how] Ethereum is an unregistered security. It is controlled by a few people and the Ethereum Foundation and Consensys. Just like FTT [FTX Token]like Solana, they are all unrecorded values”.

In December 2020, the SEC sued Ripple Labs alleging that the firm was selling XRP as an unregistered security. The case is still ongoing. but Saylor says the SEC should shut them all down instead of just targeting XRP.

According to Saylor, Bitcoin is the only ethical crypto asset on the market, as all other digital assets fit the definition of value, particularly ETH.

“I think the best thing for the world would be for the SEC to pretty much shut everything down. It’s all unethical. Bitcoin’s position would be [that] Bitcoin is an ethical product. All of these other altcoins are unregistered securities. They are all just stock tokens issued by a company to go public and they are committing securities fraud. All of them… especially Ethereum.

Ethereum has $20 billion worth of ETH token locked up in a staking contract and there are a couple of people who may or may not ever pay it back to you. Isn’t that the definition of an investment contract? If a bank took $20 billion of your assets, froze the window and said ‘you can’t ever get your money back, maybe in the year 2024, we’re not sure, we’ll just keep it, we can actually give you interest on it, we can take it all, we can trim it… that’s the definition of a value…

If you want a crypto asset to be a commodity, you can’t trust four engineers, a company, and a CEO.”

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Featured Image: Shutterstock/Philipp Tur