Saylor Slams CLARITY Act, Proposes Compliant Crypto Products and 50 Million Users

Michael Saylor, co-founder and former CEO of Strategy, which holds the largest corporate stake in Bitcoin, has weighed in on the failed CLARITY Act vote in the US Senate. The bill, which aimed to provide lasting certainty over how crypto assets are classified and regulated, was voted down due to disagreements between Republicans and Democrats.

Saylor proposes that the industry focus on deploying compliant products with support from existing regulators, rather than accepting restrictions attached to the latest version of the bill just so it can pass. He suggests building products that lower costs, expand access, and give customers greater control over their money.

The most ambitious part of Saylor's proposal is to attract 50 million satisfied US users benefiting from various crypto financial products by 2028. This user base would make future policy reversals considerably more difficult due to the millions of Americans with a direct interest in preserving those services, according to Saylor.

Saylor has repeatedly argued that progress does not necessarily have to wait for Congress, especially when it comes to Bitcoin. He believes allowing existing regulators to use their powers to establish workable rules while companies compete is the way forward.