In a recent appearance on the What Bitcoin Did podcast, MicroStrategy Chairman Michael Saylor emphasized the significance of Bitcoin ETF approvals in January, stating that they solidified Bitcoin's position as an asset class.

According to Saylor, the approval of spot Bitcoin ETFs marked a pivotal moment, signaling that Bitcoin is not merely a multi-hundred billion dollar asset class, but rather a potential ten to 100 trillion dollar asset class.

While Saylor voiced his support for the approvals, he also criticized the U.S. Securities and Exchange Commission (SEC) for its broader approach to crypto regulation, describing it as obstructionist and adversarial towards the entire crypto industry.

Saylor outlined two key issues to support his criticism. Firstly, he pointed out that the SEC has delayed the approval of options trading on top of the spot Bitcoin ETFs, which he identified as one of two significant potential developments for the ETFs. Secondly, he highlighted that the SEC only permitted cash creates instead of in-kind redemptions for the ETFs, limiting investors' ability to directly swap their bitcoin for ETF shares.

Another point of contention raised by Saylor was the SEC's rule 121, which mandates banks to include digital assets on their balance sheets, a requirement he deemed abnormal for custodial assets. Saylor argued that this rule has hindered banks' ability to custody bitcoin.

Despite the minimal acceptance of bitcoin by the SEC, Saylor argued that the regulatory body has been slow to embrace other standard practices for crypto assets, such as allowing banks to custody bitcoin and facilitating the trading of bitcoin for securities.

Saylor also highlighted the increasing politicization of crypto, suggesting that candidates who support crypto may gain more votes in the upcoming U.S. election. This sentiment was exemplified by Presidential candidate Donald Trump's recent public support for Bitcoin.

Meanwhile, MicroStrategy has continued to bolster its bitcoin holdings, with its most recent purchase in March totaling 9,245 BTC, bringing its total holdings to 214,246 BTC, valued at approximately $15 billion.