TLDR
- Michael Saylor met with the SEC’s Crypto Task Force to discuss regulatory reforms for the digital asset industry
- Saylor proposed capping asset-issuing expenses at 1% of AUM and limiting listing costs to 10 basis points per year
- He presented a Bitcoin reserve plan that could potentially generate between $16-81 trillion for the US Treasury
- The SEC recently dropped legal complaints against Coinbase and abandoned an investigation into Robinhood’s crypto arm
- Strategy (formerly MicroStrategy) announced plans to raise $2 billion through zero-coupon convertible bonds to purchase more Bitcoin
Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), met with the Securities and Exchange Commission’s Crypto Task Force last Friday to discuss regulatory reforms and present a bold Bitcoin reserve plan. The meeting comes as the United States begins shifting toward a more crypto-friendly regulatory environment under President Donald Trump’s administration.
During the meeting, Saylor outlined his “Digital Assets Framework” and proposed a national Bitcoin reserve strategy that could generate between $16 trillion and $81 trillion in wealth for the US Treasury. This plan aims to address the current national debt of $36.2 trillion, which includes $28.9 trillion in public debt and $7.3 trillion in intergovernmental debt as of February 5, 2025.
The tech executive has been pushing this concept for months. Last Thursday, he suggested that the US government should acquire 20% of Bitcoin’s total circulation to maintain a dominant position in the global digital economy and ensure economic empowerment.
Saylor’s presentation included several strategies to support innovation in the digital asset industry while protecting crypto holders’ rights. He advocated for clear regulatory guidelines to reduce costs and time constraints related to issuing and listing tokens in the United States.
To ease financial burdens on crypto companies, Saylor proposed capping asset-issuing expenses at 1% of a business’s assets under management. He also suggested limiting the cost of maintaining asset listings to just 10 basis points per year.
The Bitcoin advocate emphasized that federal regulators should establish clear definitions for different classes of digital assets. His “Digital Assets Framework,” introduced on X (formerly Twitter) on December 20, 2024, categorizes digital assets into six classes: Digital Commodities, Digital Securities, Digital Currencies, Digital Tokens, Digital NFTs, and Digital ABTs.
Under this framework, Bitcoin is classified as a Digital Commodity, representing decentralized assets not tied to an issuer. Other categories include tokenized equity or debt (Digital Securities), stablecoins pegged to fiat (Digital Currencies), fungible utility tokens (Digital Tokens), unique digital art or intellectual property representations (Digital NFTs), and tokens tied to physical commodities (Digital ABTs).
Bitcoin’s Role in National Strategy
The SEC’s Crypto Task Force was created last month, shortly after President Trump’s inauguration. Led by SEC Commissioner Hester Pierce, the initiative aims to foster collaboration between crypto firms and regulators on guidelines for the US digital assets industry.
This new approach marks a shift from the SEC’s previous enforcement-focused stance, which had created uncertainty in the crypto sector. The task force is working to develop a regulatory framework that balances innovation with investor protection through engagement with industry stakeholders.
Since its formation, the task force has met with several major players in the crypto industry. Last Thursday, representatives from digital trading platform Robinhood talked with members of the Commission’s new crypto committee. A day later, about 20 members of the Crypto Council for Innovation, including Coinbase and OpenSea, also met with the SEC Crypto Task Force.
The Commission has already begun to relax its stance against the asset class under a new regime headed by acting chair Mark Uyeda. Earlier this month, the SEC announced it was dropping its legal complaint against trading platform Coinbase. Soon afterward, the agency also abandoned an investigation into Robinhood’s crypto trading arm, fueling rumors that regulators might soon abandon enforcement actions against other digital asset firms such as Ripple Labs.
Saylor has been a leader in the US crypto scene for many years, advocating for industry support on Capitol Hill. Last month, he met with President Trump’s son, Eric, at Mar-a-Lago in Florida to discuss the future of Bitcoin in the US.
Meanwhile, Strategy continues to deepen its commitment to Bitcoin investments. On Thursday, the self-described “Bitcoin Treasury company” announced plans to raise $2 billion by selling zero-coupon convertible bonds. The company intends to use the proceeds to add to its already vast Bitcoin holdings.
These zero-coupon bonds pay no interest to their holders but can be converted into company stock. This move underscores Strategy’s continued belief in Bitcoin as a long-term store of value and investment vehicle.
The meeting between Saylor and the SEC’s Crypto Task Force represents another step in the evolving relationship between the crypto industry and US regulators under the new administration.
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