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Michael Saylor, CEO of MicroStrategy, stated in an interview with Altcoin Daily that Ethereum (ETH) is security. Saylor argues that the fact Ethereum was initially distributed through an initial coin offering demonstrates it is not a commodity.
"There's a management team. There was a pre-mine. There's a hard fork, and there are continual hard forks." In addition, he discussed Ethereum's difficulty bomb and how it is postponed every six months, proving the asset is a security.
If the Ethereum difficulty bomb detonated, it would disincentivize miners and complete the network's move to a proof-of-stake model. Saylor defines the majority of crypto assets as securities. Saylor believes that a cryptocurrency can only be a commodity if there is no issuer and no one makes network-wide choices.
Saylor stated, “If you look at most of these cryptos, where they have hard fork after hard fork after hard fork, the problem with a hard fork is changing the protocol means that some development team is making a decision, and if you can materially change the protocol, you can change the monetary protocol. A hard fork can change the issuance pattern, or it can change the value of something. So that makes an investment contract under securities law.”
Saylor feels Ethereum’s potential to evolve is also its difficulty regarding securities legislation. According to him, people desire an immutable decentralized protocol like Bitcoin.
Meanwhile, he acknowledged that securities serve a purpose, but there must be “full and fair disclosures” regarding these tokens.
In addition, he cited the Securities and Exchange Commission’s (SEC) recent announcement that any cryptocurrency that earns staking rewards is security.
Saylor’s declaration follows a lawsuit about security filed against Solana (SOL).
Many members of the cryptography community disagree with this opinion. As pointed out by several podcasters, even SEC head Gary Gensler has not referred to Ethereum as a security.
George at CryptosRUS noted that even Bitcoin had undergone improvements, such as the SegWit upgrade, which contributed to the Bitcoin Cash hard fork.
In addition, Senators Kirsten Gillibrand and Cynthia Lummis introduced a measure classifying Bitcoin (BTC) and Ethereum as commodities.