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Michael Saylor has something to say on Ripple’s XRP case outcome

TL;DR

  • Michael Saylor’s recent comments about ADA, Ripple’s native crypto XRP, Solana, and other crypto coins have drawn criticism from pro-XRP attorney Bill Morgan.
  • Brad Garlinghouse, chief executive officer of Ripple, reaffirmed that XRP is not a security and endorsed Ethereum in the midst of the ongoing Consensys vs. SEC lawsuit.
  • In a strong attack on Ethereum, Michael Saylor said that the biggest altcoin in the world is a crypto asset security and not a commodity.

Michael Saylor has come under fire from pro-XRP attorney Bill Morgan for his recent comments on ADA, Solana, XRP, the native crypto of Ripple, and other cryptos. Reacting to comments made by MicroStrategy co-founder Michael Saylor, Bill Morgan has published a number of pieces on the X platform that attack the pro-bitcoin individual.

Accordingly, in the midst of the continuous legal dispute with the U.S. Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse has made some daring comments. As the token vs. securities debate intensified, the Ripple CEO not only supported XRP but also Ethereum (ETH) in his most recent comments. 

Michael Saylor goes up against XRP lawyer

At the Bitcoin for Corporations 2024 event, Michael Saylor, a well-known figure in the crypto industry and executive at MicroStrategy, discussed the potential regulatory challenges that various altcoins may face. According to Michael Saylor, it is possible that the SEC will categorize Ethereum, BNB, Solana, XRP, and Cardano as unregistered securities.

Meanwhile, this prediction, shared in early May, has ignited a lively debate within the crypto community. If this classification were to be implemented, it could have a substantial impact on the trading and regulatory environment of these coins in the United States.

On the other hand, XRP lawyer Bill Morgan expressed his disagreement with Michael Saylor’s perspective on altcoins, highlighting Saylor’s limited understanding of the crypto market. Morgan highlighted the difference between Ripple, the company, and XRP, the token. 

It’s worth noting that a judge has previously ruled that XRP is not considered a security, despite Saylor’s prediction of increased regulatory scrutiny for altcoins. Morgan raised doubts about Saylor’s ability to accurately predict Bitcoin’s future, considering his apparent lack of knowledge about the legal status of XRP.

Furthermore, Bill Morgan raised concerns about Michael Saylor’s endorsement of Bitcoin as a better investment option than altcoins. Morgan suggested that Saylor’s support for Bitcoin might be seen as promoting an investment contract. 

In addition, he highlighted the possible contradiction in Micahel Saylor’s position, suggesting that if MicroStrategy were to sell or offer Bitcoin, it could be seen as an investment agreement, much like altcoin transactions on secondary markets.

Saylor attacks Ethereum

On Thursday, May 2, 2024, while speaking at the MicroStrategy World 2024 conference, he made some remarks concerning ETH that have not sat right with the crypto community. Michael Saylor, who also criticized Ethereum and referred to it as a security, stated that the U.S. Securities and Exchange Commission would almost certainly never approve a spot Ethereum ETF. Twenty days prior to the final deadline of May 23, his remarks concern whether the SEC will grant or deny spot Ethereum ETf applications.

Additionally, he predicted that BNB, Solana (SOL), XRP, and Cardano (ADA), which are lower-ranking cryptocurrencies, would be categorized as unregistered securities.

Saylor underscored: “None of them will be included in a spot ETF, none of them will ever gain acceptance on Wall Street…”

He said quite clearly that Bitcoin (BTC) is the only cryptocurrency that has achieved complete institutional adoption. As there won’t be another one, he dubbed Bitcoin the “singular universal” crypto asset appropriate for institutional-grade investing.

The man who started MicroStrategy is well known for his unflinching dedication to Bitcoin. Saylor made his comments soon after MicroStrategy disclosed that it had added $1.65 billion in Bitcoin to its corporate reserves for the first quarter.

Two days earlier, MicroStrategy also debuted MicroStrategy Orange, a decentralized identity (DID) system based on Bitcoin. Apart from maintaining a sizable Bitcoin holding on its balance sheet, the business has been putting up a lot of effort to strengthen the Bitcoin ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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