ℹ Michael Saylor: crypto will be protected not by the CLARITY Act, but by 50 million satisfied Americans
After the CLARITY Act failed in the Senate on September 15, the head of Strategy wrote a column about the future of the crypto industry.
Main idea: you shouldn’t agree to a bad law in the name of “legal certainty.” Over the next two years, the industry can move forward through the SEC, CFTC, the Ministry of Finance, and banking regulators.
• CLARITY limited compensation for stablecoin custody and allowed the Ministry of Finance to step in with such programs when deposits were withdrawn from smaller banks. Saylor believes these restrictions are excessive
• Even the “regulatory sandbox” in the law was scaled back: up to 25 employees at a company and a maximum of 20 approved projects per year. In his view, you can’t limit the experiment’s scale in advance before you know what it will grow into
• The SEC already allows trading tokenized stocks, the CFTC is ready to develop the crypto market, and banks are gradually getting access to crypto infrastructure without a new law
Saylor considers real protection not a law, but 50 million Americans who already use crypto products. It’s easy to ban an unclear technology, but it’s harder to take away a useful service from tens of millions of people.
After the CLARITY Act failed in the Senate on September 15, the head of Strategy wrote a column about the future of the crypto industry.
Main idea: you shouldn’t agree to a bad law in the name of “legal certainty.” Over the next two years, the industry can move forward through the SEC, CFTC, the Ministry of Finance, and banking regulators.
• CLARITY limited compensation for stablecoin custody and allowed the Ministry of Finance to step in with such programs when deposits were withdrawn from smaller banks. Saylor believes these restrictions are excessive
• Even the “regulatory sandbox” in the law was scaled back: up to 25 employees at a company and a maximum of 20 approved projects per year. In his view, you can’t limit the experiment’s scale in advance before you know what it will grow into
• The SEC already allows trading tokenized stocks, the CFTC is ready to develop the crypto market, and banks are gradually getting access to crypto infrastructure without a new law
Saylor considers real protection not a law, but 50 million Americans who already use crypto products. It’s easy to ban an unclear technology, but it’s harder to take away a useful service from tens of millions of people.
