Key Takeaways
- • Michael Saylor, Strategy's chairman, called on the US digital-asset industry to pursue adoption under existing regulatory authority and set a goal of 50 million American users before returning to Congress.
- • The Senate defeated a cloture motion on H.R. 3633, the CLARITY Act, on September 15 by a 49-50 vote, but Sen. Thom Tillis entered a motion to reconsider, keeping the bill alive.
- • Saylor's Strategy essay, published September 19, urged firms to build products complying with 2027 and 2028 rules from the SEC, CFTC, Treasury and banking regulators.
- • Saylor objected to Senate compromise provisions restricting stablecoin rewards and limiting sandbox participation by certain SEC and CFTC affiliates.
- • As of September 21, no new cloture vote had been announced in official documents.
Summary
Michael Saylor, chairman of Strategy, is urging the US digital-asset industry to build and distribute compliant products under existing federal regulatory authority rather than wait for new legislation. His call follows the Senate's failure to advance the CLARITY Act, a draft bill intended to create federal structure for digital commodities and clarify the division of authority between the SEC and CFTC. On September 15, a cloture motion to proceed to H.R. 3633 was defeated 49-50. Because cloture requires three-fifths of the Senate, the vote fell short, but Sen. Thom Tillis subsequently entered a motion to reconsider, which keeps the bill alive in the Senate. No new cloture vote had been announced in official documents as of September 21.
In a Strategy essay published September 19, Saylor argued that crypto companies should focus on products that comply with 2027 and 2028 rules from the SEC, CFTC, Treasury and banking regulators. He said legislation may still be needed in some areas, but that the immediate priority is getting compliant products to market. He identified Bitcoin custody and access, digital credit, securities products, and dollar-based digital payment systems as priority areas, and set a goal of 50 million American customers with a direct stake in preserving these services. The publication noted that this figure is Saylor's policy goal, not an official government forecast.
Saylor also objected to parts of the Senate compromise. Covered digital-asset service providers would be barred from paying interest or yield to holders of payment stablecoins solely for holding them, or through arrangements resembling interest-bearing bank deposits. Activity-based rewards tied to payments, transfers, liquidity, collateral, governance and staking would remain permitted. Saylor, along with other firms, also opposed proposed sandbox eligibility criteria based on business size, revenue, and customer or counterparty funds at risk, as well as limits on the number of projects each commission could approve annually.
Saylor argues that regulators can accommodate compliant products while Congress considers narrower amendments, and that broad adoption would give future policymakers a larger base of consumers and businesses with a stake in the framework. In his view, adopt first, legislate later.
In a Strategy essay published September 19, Saylor argued that crypto companies should focus on products that comply with 2027 and 2028 rules from the SEC, CFTC, Treasury and banking regulators. He said legislation may still be needed in some areas, but that the immediate priority is getting compliant products to market. He identified Bitcoin custody and access, digital credit, securities products, and dollar-based digital payment systems as priority areas, and set a goal of 50 million American customers with a direct stake in preserving these services. The publication noted that this figure is Saylor's policy goal, not an official government forecast.
Saylor also objected to parts of the Senate compromise. Covered digital-asset service providers would be barred from paying interest or yield to holders of payment stablecoins solely for holding them, or through arrangements resembling interest-bearing bank deposits. Activity-based rewards tied to payments, transfers, liquidity, collateral, governance and staking would remain permitted. Saylor, along with other firms, also opposed proposed sandbox eligibility criteria based on business size, revenue, and customer or counterparty funds at risk, as well as limits on the number of projects each commission could approve annually.
Saylor argues that regulators can accommodate compliant products while Congress considers narrower amendments, and that broad adoption would give future policymakers a larger base of consumers and businesses with a stake in the framework. In his view, adopt first, legislate later.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.