- Michael Saylor met with the SEC task force to create clearer crypto regulations
- He proposed standardized disclosures and industry-led compliance for digital assets
- Saylor suggested cost limits to make issuing and maintaining digital assets affordable
The leading figure behind the surge in institutional Bitcoin adoption as of late, Strategy’s CEO Michael Saylor met with the new SEC task force. According to the Task Force meeting logs, Saylor met with the team of regulators in order to help create better and clearer regulation for cryptocurrencies.
Saylor provided documentation arguing how a clear and universally understood taxonomy of digital assets is essential to advancing policy and fostering innovation. He emphasized the importance of defining digital assets into categories such as digital commodities, digital securities, digital currencies, digital tokens, digital NFTs, and digital asset-backed tokens (ABTs). This classification would help streamline regulatory efforts and provide clarity to market participants.
Saylor provided documentation arguing how a clear and universally understood taxonomy of digital assets is important to advance crypto-related policy, as well as boosting innovation in the sector.
Moreover, Saylor highlighted the importance of establishing rights and responsibilities for cryptocurrency issuers, exchanges, and owners, aiming to add legitimacy to the sector. He also stressed that everyone should act ethically and be honest about what they’re doing.
Saylor’s Regulatory Arguments
The Strategy CEO argues that digital asset regulation must prioritize efficiency and innovation, abandoning the combative and bureaucratic stance seen in the previous administrations. He proposes standardized disclosures to ensure the fair distribution of information to everyone.
He also emphasized industry-led compliance, where exchanges would collect and publish asset data as a service to the industry and investors.
Interestingly, Michael Saylor proposed setting a limit target for costs associated with the creation and maintenance of digital assets. Specifically, he suggests that the cost to issue a new asset should be capped at 1% of its total value—while the cost to keep the asset listed on exchanges should be capped at 0.1% of its total value.
Overall, his goal is to make the digital asset market more efficient, faster, and accessible by promoting competition and innovation. He also argues that the United States today has the opportunity to capitalize on what he likes to refer to as the “21st-century capital markets renaissance”, describing the revolutionary potential of digital assets.
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