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Michael Saylor criticizes the SEC’s restrictive approach to the crypto industry

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Michael Saylor criticizes the SEC's restrictive approach to the crypto industry

MicroStrategy Chairman Michael Saylor called Bitcoin ETF approvals a turning point. Saylor noted on the “What Bitcoin Did” podcast that these approvals move Bitcoin from a multi-hundred-billion-dollar asset to a ten-to-one hundred-trillion-dollar asset

The adoption of spot Bitcoin ETFs was the most significant event of this period, said Saylor. Bitcoin became a 10–100 trillion-dollar asset class at this point. He considers these certifications an important step for Bitcoin’s financial position.

Saylor supported the ETF approvals but opposed the SEC’s crypto sector oversight. He said the SEC’s overrestrictiveness had slowed industry development.

He continued, “The SEC has been obstructionist and hostile towards the entire crypto industry, suing exchanges and entrepreneurs and only minimally accepting Bitcoin.”

The SEC’s Bitcoin ETF handling has two key flaws, Saylor said. First, the SEC delayed ETF options trading clearance. Second, the SEC only allows cash creations, not in-kind redemptions, so investors cannot immediately exchange Bitcoin for ETF shares.

“These factors make spot ETFs inferior,” he said. He also noted SEC Rule 121, which compels banks to disclose digital assets on their balance sheets, making Bitcoin holding problematic.

Our Bitcoin acceptance is low. For other assets, banks can keep it, individuals may hedge, and trade Bitcoin for securities, but not Bitcoin. “This slows progress,” he added.

Saylor thinks Bitcoin ETFs are good, but the SEC’s rules delay growth. Bitcoin need less regulations to attain its full potential.

Saylor also addressed cryptocurrency’s politics in the interview. He noted Donald Trump’s embrace of Bitcoin and indicated crypto-friendly politicians may fare better in future U.S. elections.

MicroStrategy expands their Bitcoin holdings, demonstrating its commitment to the cryptocurrency. It purchased 9,245 BTC in March, boosting its total to 214,246 BTC, worth $15 billion.

Saylor’s remarks emphasize Bitcoin ETF approvals’ larger ramifications and SEC problems. These approvals are noteworthy, but Bitcoin’s financial system integration faces challenges.

Bitcoin’s future depends on politics and regulation. Saylor’s views show the conflict between crypto innovation and market stability regulation.

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