Regulators Eye Bitcoin Custody Progress Without New Legislation
Michael Saylor, executive chairman of Strategy, believes US regulators are poised to advance digital asset rules without new legislation. According to him, the SEC, CFTC, and Treasury Department will use existing statutes to create workable frameworks for Bitcoin custody and collateralized lending.
The CLARITY Act, which aimed to provide comprehensive digital asset legislation, has stalled in Congress. However, Saylor argues that federal agencies have sufficient authority under current law to establish the necessary guardrails for the industry.
The SEC issued guidance on December 17, 2025, clarifying how broker-dealers should handle custody obligations for crypto asset securities. The Office of the Comptroller of the Currency has also endorsed the ability of nationally chartered banks to custody digital assets.
Strategy holds hundreds of thousands of BTC, with roughly 40% custodied through Coinbase Custody and additional holdings managed by Anchorage Digital Bank, both US-regulated entities. Saylor sees bank-led Bitcoin custody as a game-changer, allowing pension funds, endowments, and insurance companies to use regulated banking institutions for asset custody.
Bitcoin-collateralized loans would enable holders to access liquidity without selling their positions, a tax-efficient strategy that also avoids triggering capital gains. For Strategy, which has built its corporate identity around accumulating Bitcoin, the ability to borrow against those holdings at competitive bank rates would be transformative.