At the annual Bitcoin (BTC) For Corporations event, Michael Saylor, the executive chairman of MicroStrategy, informed delegates that Wall Street authorities saw "everything down the stack" as unregistered crypto asset securities.

Saylor also included additional cryptocurrencies that aren't Bitcoin, such Cardano (ADA), Ripple (XRP), and Solana (SOL), in the same unregistered crypto asset security category.

Crackdown on Ethereum

The remarks coincide with the filings by a number of spot Bitcoin ETF issuers for comparable products powered by Ethereum (ETH), the second-largest digital asset in cryptocurrency. As a result, the SEC has postponed a number of spot ETH ETF registrations from companies like as Grayscale, Fidelity, and BlackRock.

In addition, supporters of the cryptocurrency movement contend that tokens such as ETH are exempt from the current securities regulations, prompting the U.S. SEC to launch an ongoing campaign against Ethereum and the sector at large.

According to recent claims, which cited a document from a year ago, SEC Chair Gary Gensler has thought of ETH as a security since at least last year.

Motivated by ETH's shift to a proof-of-work consensus, the SEC has opened an investigation and sent a Wells notice to significant ETH stakeholders like Consensys and defi behemoths like Uniswap.