MicroStrategy CEO Michael Saylor recently emphasized the significance of Bitcoin ETFs, stating that they have solidified Bitcoin's position as a major asset class. In an interview on the What Bitcoin Did podcast, Saylor highlighted the approval of spot Bitcoin ETFs as a crucial moment for the cryptocurrency.

Saylor expressed his support for the ETF approvals but criticized the U.S. Securities and Exchange Commission (SEC) for its overall approach to cryptocurrencies. He accused the SEC of being obstructionist and contradictory, citing lawsuits against crypto exchanges and entrepreneurs.

Saylor attributed his criticisms to two primary factors. Firstly, he claimed that the SEC delayed the approval of spot Bitcoin ETFs and options trading. Secondly, he noted that the SEC only allows cash refunds instead of in-kind refunds, preventing investors from directly exchanging their Bitcoins for ETF shares. "These spot ETFs are inferior because of these things," he said.

Saylor also mentioned SEC rule 121, which requires banks to include digital assets on their financial statements. He argued that this rule makes it impossible for banks to store Bitcoin, hindering the adoption of the cryptocurrency. "We have achieved minimal adoption of Bitcoin. But these are logical things: let banks hold custody, let people hedge it, let them trade BTC for securities. These are normal and ordinary things in all other beings. These were rejected. That's why we're moving at a very slow pace," he said.

Saylor also emphasized that cryptocurrencies are increasingly becoming a political issue. He suggested that candidates who are positive towards crypto could garner more votes in the upcoming US elections.