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michael

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Michael Saylor proposed a digital economy policy framework: BTC should be integrated into the banking and insurance systems

Michael Saylor published a long article titled "Prescriptions for Prosperity in the Digital Economy," stating that artificial intelligence will significantly enhance the productivity of individuals and businesses, thus necessitating a more free environment for creating, financing, owning, and trading assets. He suggests establishing a "Digital Bill of Rights" for digital assets, which centers on granting individuals and businesses the rights to create, issue, custody, transfer, and use digital assets, while providing fundamental protections in financial privacy, asset ownership, and market access.Saylor believes that digital intelligence will drive the birth of a large number of new enterprises, and financing costs, complexity, and time costs should be reduced, while improving capital formation efficiency through means such as digital tokens. He proposes a goal of enabling 10 million new enterprises to secure financing, while also establishing clear issuance rules and risk-matched disclosure requirements.Regarding the digital dollar, Saylor advocates for allowing banks, fintech companies, and technology platforms to compete more fully in the digital dollar product space and for issuers to compete around yields. He believes that the U.S. can further expand the global reach of the dollar by allowing companies to develop more competitive dollar digital products.For Bitcoin, Saylor defines it as "digital capital," advocating for allowing banks to custody Bitcoin under clear rules and use it as collateral for providing credit, while also establishing a viable path for insurance companies to incorporate digital capital into their balance sheets and product designs.He specifically mentions that the Basel Accord applies a 1250% risk weight to certain crypto asset exposures, arguing that regulators should reassess the relevant capital requirements based on the actual risks of digital assets and specific business activities.

first_img Michael Saylor: The best protection for digital assets is widespread adoption

Founder of Strategy Michael Saylor stated: The digital asset industry is better off with supportive rules from the SEC, CFTC, Treasury, and banking regulators than accepting the limitations in the final CLARITY compromise. The safest path is to create products that satisfy customers and deploy them widely, allowing people to have a stake in innovation. Ownership should be protected, honest disclosure required, and fraud punished, then let entrepreneurs compete and grow.Saylor mentioned that the September CLARITY compromise would have restricted covered providers to only paying customers for holding stablecoins while allowing qualified activity rewards, and directed the Treasury to limit certain rewards when a significant harmful deposit transfer to community banks was identified. The GENIUS Act has included restrictions on issuers paying interest and returns on stablecoins. The innovation sandbox of CLARITY would have limited participating companies to 25 employees, with each committee approving 20 projects per year. The SEC provided conditional relief for on-chain trading of certain tokenized stocks on September 17, and the CFTC chairman committed to using existing authority while the bill is stalled.He pointed out that useful products should be scaled by 2027 and 2028, transforming temporary relief into permanent rules. The goal is to have 50 million American voters using digital financial products that improve their lives. The best protection for digital innovation is the public that benefits from it.

first_img Former Sonic CEO Michael Kong: Departure was not voluntary, the other party refused to fulfill the agreement

Former Sonic CEO Michael Kong posted a response to Sonic Labs' recent statement of "immediate termination of cooperation." He stated that the company still sought his assistance on the same day and expressed hope for his well-being, but the announcement did not specify the reason, leading to the misleading impression that "he may have been dismissed due to misconduct." Kong indicated that this departure was not voluntary; after working at Fantom/Sonic for over eight years, he negotiated and signed a severance and release agreement with Sonic Labs and its affiliates.Kong mentioned that for the past two and a half months, Sonic Labs repeatedly promised to fulfill the agreement but is currently refusing to do so, and the existing contractual agreements have also not been honored. The release agreement stipulates that both parties shall not publicly disparage each other, yet matters that should have been handled internally were made public by Sonic Labs, causing damage, which is why he chose to respond publicly. He noted that he had almost single-handedly won the company a lawsuit in South Korea worth approximately $150 million, which was described as one of the largest cryptocurrency disputes in South Korea, and cited a written evaluation from David Richardson, the owner of Fantom and Sonic, stating that his work should be appreciated by the foundation.Kong stated that he reserves all rights to make any claims against Sonic Labs and its affiliates.
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