Charles Hoskinson, the founder of Cardano, has raised concerns about the dismissive attitude of Bitcoin maximalists towards other cryptocurrencies. He criticized Michael Saylor, the executive chairman of MicroStrategy, for suggesting that only Bitcoin is a commodity while other cryptocurrencies like Ethereum, XRP, and Cardano are likely to be treated as unregistered securities.
Hoskinson pointed out that Bitcoin proponents often label enthusiasts of other cryptocurrencies as toxic and attack them without realizing that their dismissive comments provoke these responses. He highlighted the need for a more inclusive attitude within the crypto community.
Saylor’s comments came after the SEC approved multiple Bitcoin ETFs, sparking discussions about the regulatory future of other cryptocurrencies. The SEC is currently deliberating on proposed spot Ethereum ETFs by Grayscale and Franklin Templeton, with a decision expected on June 11, 2024. There are reports suggesting that the SEC might classify some Ethereum offers as securities.
Despite the uncertainty, Larry Fink, CEO of BlackRock, remains optimistic about the possibility of an Ethereum ETF going live. He believes that even if the SEC categorizes ETH as a security, there is still potential for an Ethereum ETF.
The crypto community has reacted strongly to the maximalist positions, with influencers like Moon Lambo criticizing the toxic nature of maximalism. Robert Sasu, a core developer at MultiversX, emphasized the negative impact of such attitudes on the broader crypto ecosystem. He advocated for collaboration and innovation instead of destructive criticism.
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