Strategy CEO Phong Le stated that the stock market index MSCI plans to exclude companies with over 50% of their balance sheet assets in cryptocurrency from the index, which is akin to removing multinational energy companies like Chevron from the index for holding crude oil.
MSCI announced in October that it is consulting with the investment community on whether to exclude Bitcoin and other digital asset treasury companies (DATs) that have a majority of their balance sheet in cryptocurrency from the index.
In an interview with Schwab Network (a streaming and market analysis channel) on Wednesday, Le expressed that he "respects these indices greatly," but described MSCI's stance as "misinformed and misguided."
He also pointed out that oil giant Chevron has over half of its assets in crude oil, timber company Weyerhaeuser has a significant portion of its assets in timber, and Simon Property Group owns a majority of real estate assets, yet these companies are not facing exclusion.
Phong Le joined @SchwabNetwork to discuss the $60T digital credit opportunity and response to MSCI. Restricting passive index investment in bitcoin today would be like restricting investment in oil and oil rigs in the 1900s, spectrum and cell towers in the 1980s, or compute and… pic.twitter.com/3VcYnF5nE4
"Choosing winners too early in such a category and stifling innovation seems premature," Le said.
Le indicated that other parts of the MSCI proposal—such as defining Strategy and other digital asset companies as funds rather than operating companies—are also incorrect.
According to MSCI, some feedback received so far suggests that DATs may "exhibit characteristics similar to investment funds, which currently do not qualify for inclusion in the index."
"I have been CFO since 2015, Michael Saylor founded the company in 1989, we have been publicly listed since 1998, and I work here every day; structurally, we are 100% an operating company," Le stated.
Le's comments coincided with Strategy's letter to MSCI opposing the proposal, arguing that it would create bias against cryptocurrency as an asset class rather than acting as a neutral arbiter.
The MSCI consultation will remain open until December 31, with conclusions to be announced on January 15 next year, and any resulting changes will take effect in February.
Charlie Sherry, CFO of Australian cryptocurrency exchange BTC Markets, told Cointelegraph last month that MSCI would only submit such changes to the consultation stage if it was already inclined to push for implementation.
Related: Malaysian Crown Prince launches ringgit stablecoin and Zetrix digital asset library
Original article: “Strategy CEO: MSCI's rejection of Bitcoin (BTC) is like punishing Chevron for oil”
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