Michael Saylor: Over 19,000 Cryptocurrencies Must Be Viewed as Unregistered Securities

Jun 21,2022
KingData News: Microstrategy CEO Michael Saylor argues the over 19,000 cryptocurrencies and digital tokens in circulation must be viewed as “unregistered securities” that cannot be likened to a hard commodity like Bitcoin—which has no issuer, no management, no employees, no product cycle and only a finite supply. Speaking in a webcast with NorthmanTrader founder Sven Henrich, Saylor said Bitcoin was being caught in the crossfire of a collapsing crypto market since it often served as collateral on margin loans for less proven tokens. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin,” he argued He added mainstream financial institutions often won’t touch an asset like Bitcoin “because of the slime that gets onto the asset class from all the unregistered securities." He also cited crypto hedge funds like Three Arrows Capital, or 3AC, as a hindrance rather than a facilitator to cryptocurrency adoption. (Fortune)
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