Cardano founder defends altcoins, refutes Michael Saylor's comments

Cardano founder Charles Hoskinson criticized Michael Saylor for viewing only Bitcoin as a commodity and not other cryptocurrencies such as Ethereum, XRP, and Cardano.

The tensions between bitcoin maximalists and other cryptocurrency supporters have attracted widespread attention. Cardano founder Charles Hoskinson recently expressed concern about the apathy of Bitcoin maximalists towards other cryptocurrencies following recent comments by Michael Saylor.

Hoskinson noted that Bitcoin supporters view enthusiasts of other cryptocurrencies as toxic and enjoy attacking them, but they fail to realize that their constantly cold comments about altcoins are what triggers these responses.

Hawkinson's Comments and Thaler's Position

Saylor, who is executive chairman of MicroStrategy, has recommended that all cryptocurrencies other than bitcoin, including ethereum, Ripple’s XRP, Solana, Binance Coin and Cardano, be treated as unregistered securities rather than commodities.

He expressed skepticism about the approval of ETFs based on these cryptocurrencies and predicted that institutional investors and Wall Street would likely continue to shun them.

Saylor’s comments come after the SEC approved multiple Bitcoin ETFs earlier this year, sparking debate about the regulatory future of other cryptocurrencies.

SEC Discussion on Ethereum ETF

Amid these controversies, the U.S. Securities and Exchange Commission (SEC) is reviewing a spot Ethereum ETF proposed by Grayscale and Franklin Templeton. The originally expected decision date has been delayed to June 11, 2024.

Notably, the SEC indicated that it needed additional time to consider the proposed rule changes and properly address the concerns raised. However, recent reports suggest that securities regulators may characterize some Ethereum transactions as securities.

Interestingly, despite the uncertainty surrounding Ethereum’s regulatory status, Blackstone CEO Larry Fink remains optimistic. He believes that even if the SEC classifies ETH as a security, the possibility of an Ethereum ETF listing still exists.

Community Response to Crypto Maximism

The crypto community has also reacted strongly to the maximalist stance, with YouTuber Moon Lambo, an XRP pro, criticizing the toxic nature of maximalism and questioning the sincerity of Saylor’s assertions.

Robert Sasu, a core developer at MultiversX, echoed this sentiment, emphasizing the negative impact this attitude has on the entire cryptocurrency ecosystem. Sassou highlighted the potential of blockchain technology to go beyond a mere store of value, advocating for collaboration and innovation rather than destructive criticism.

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