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SHOTS FIRED! Vitalik Buterin Goes After Michael Saylor
The topic of cryptocurrency and securities has been a long-standing, grey area with many unanswered questions and a boatload of opinions. Many believe cryptocurrency has risen to the mainstream, so to speak, as an asset class with very little regulation, a ton of leverage, and unscrupulous practices. As a new asset class, the perception of many traditional investors is that crypto it’s no different than gambling in Vegas and the crypto industry hasn’t done much of late to deflect that view as of late. From the collapse of Luna to the $10 Billion dollar bust of Three Arrows capital to the ‘first of its kind’ insider trading case of a Former Coinbase employee, crypto has seen its fair share of bad actors in the past few months, which has many crypto enthusiasts, particularly Bitcoin, screaming for regulation. Gary Gensler, chair of the Securities and Exchange Commission (SEC), says that the crypto markets should be regulated the same way traditional securities are… and Gensler also opined that Bitcoin (and possibly Ethereum) should not be considered a security, but would fall under the category of a commodity. CEO of Microstrategy and Bitcoin’s biggest vocal supporter, Michael Saylor, would agree with Gensler. To some extent. Since buying into Bitcoin in late 2020, Saylor has been one of, if not the, most ardent supporters of Bitcoin. Saylor has stated time and time again, that any other coin other than Bitcoin should be considered a security which is why his publicly traded company cannot, and will not, have holdings in coins like Ethereum, Solana, Cardano, etc., until there are clear rules and regulations from the SEC.
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