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

Bitcoin (BTC) agitator Michael Thaler has said the U.S. Securities and Exchange Commission (SEC) is right to shut down essentially all altcoins sold as unregistered securities.

Former MicroStrategy CEO in new interview on PDB Podcast To tell that many altcoins, especially the leading smart contract platform Ethereum (ETH), are committing securities fraud;

Other altcoins he names include ETH rival Solana (SOL) and XRP, the cryptocurrency used to power Ripple Labs’ payment platform.

Ripple is an unregistered security. [XRP]they sell it to the public, but they have never taken the company public and made no disclosures.

So the SEC’s position is “you are selling an unregistered security”, which is a crypto token.the same as [how] Ethereum is an unregistered security. Managed by a few people and the Ethereum Foundation and ConsenSys. like FTT [FTX Token], just like Solana, are all unregistered securities.

In December 2020, the SEC sued Ripple Labs for selling XRP as an unregistered security. The case is still ongoing. Thaler, however, said the SEC should shut down all of them, not just XRP.

According to Thaler, Bitcoin is the only ethical crypto asset on the market, and all other digital assets fit the definition of security, especially ETH.

I think the best thing for the world would be for the SEC to close down pretty much everything. [that] Bitcoin is an ethical commodity. All of these other altcoins are unregistered securities. They are all just stock tokens issued by companies to avoid going public, committing securities fraud. All of them.Especially Ethereum.

Ethereum has $20 billion in ETH tokens locked up in a staking contract, and there are several people who may or may not give it back to you. Isn’t that the definition of an investment contract? If a bank takes his $20 billion of your assets, freezes the window, and says, “You won’t get your money back by 2024,” we’re not sure. If it interests you, we may take it all and round it off…that’s the definition of a security…

If you want to make crypto a commodity, you can’t rely on 4 engineers, 1 company and 1 CEO.

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