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saylor

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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.

Michael Saylor: Bitcoin enters the "digital capital" era, accelerating the embrace of institutionalization and financialization

The founder of Strategy, Michael Saylor, stated that Bitcoin is gradually transitioning from an early "peer-to-peer electronic cash" experiment to a global digital capital infrastructure. As Bitcoin is widely adopted by individuals, funds, publicly listed companies, banks, custodians, trading platforms, and governments, some of the early Bitcoin culture has evolved from a risk defense mechanism into a form of "orthodoxy," which includes viewing self-custody as the only legitimate way to hold Bitcoin and categorizing financial products related to Bitcoin, such as ETFs, bonds, preferred stocks, and derivatives, as "paper Bitcoin." These views played an important role in the early development of Bitcoin, but are now insufficient to explain its expanding economic ecosystem.The more important role of Bitcoin in the future may not be to replace fiat currency as a daily payment tool, but rather to become a scarce, globally liquid, programmable "digital capital" that does not rely on an issuer. Fiat currency will still play a core role in taxes, wages, contracts, and everyday business, while Bitcoin can form a new layered financial system with banks, securities, credit, insurance, and corporations. Self-custody should be viewed as a right rather than an obligation, and professional custody, multi-signature, institutional custody, and trading platform products can all play a role based on different users' risk tolerance and actual needs. What truly needs to be vigilant is not all counterparties, but those counterparties lacking transparency, isolation mechanisms, governance capabilities, and risk control; "do not trust any institution" should shift to risk identification of different institutions.The next phase of the Bitcoin ecosystem will be the expansion of the "digital capital market," rather than a return to a closed pure Bitcoin economy. With the continuous development of spot Bitcoin ETFs, publicly listed companies' Bitcoin reserves, bonds, preferred stocks, and other financial products, Bitcoin is becoming a new underlying asset that connects stocks, debt, credit, currency, derivatives, and even the machine economy. This trend can be termed the "Bitcoin Reformation," with core principles including "protocol minimalism, economic maximization," "replacing founder worship with first principles," "self-custody as a right rather than a ritual," "judging security by evidence rather than brand," "replacing counterparty nihilism with counterparty identification," and allowing fiat currency and Bitcoin to coexist in the long term. Bitcoin is not abandoning its early core principles but is breaking free from its cultural limitations: it is transitioning from electronic cash to digital gold and further becoming a digital capital network that encompasses capital, credit, equity, debt, currency, and the machine economy.
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