Saylor Targets 50M US Crypto Users Through Compliance, Not Legislation

Michael Saylor, CEO of MicroStrategy and a prominent advocate for cryptocurrency adoption, has proposed that the US digital-asset industry focus on building products that comply with existing regulations rather than pushing for legislation. This approach comes after the Senate failed to advance the CLARITY Act, which aimed to bring federal structure to the digital commodities marketplace.

Saylor argues that crypto companies should work towards providing compliant products in areas such as Bitcoin custody and access, digital credit, securities products, and dollar-based digital payment systems. He believes that this approach will lead to 50 million happy American customers who will have a direct interest in preserving these services for themselves and others.

Saylor's proposal follows the Senate's failure to advance CLARITY, which included provisions that would restrict rewards for stablecoin users and limit sandbox use by certain SEC and CFTC affiliates. He objects to these provisions, saying they would hinder innovation and adoption in the industry.