Key Notes
- Saylor presented a document to the SEC's Crypto Task Force, with a few ideas about regulating digital assets in the US.
- The proposal classifies digital assets into six categories, and also specifies responsibilities of issuers, exchanges, and owners.
- Saylor also believes the US needs a strategic Bitcoin reserve and estimates the decision could earn up to $81 million for the Treasury.
According to Fox Business Journalist Eleanor Terrett, Strategy (formerly MicroStrategy) founder Michael Saylor met with members of the crypto task force established by the United States Securities and Exchange Commission (SEC) on Friday. At the meeting, Saylor presented a document titled “Digital Assets Framework, Principles, and Opportunity for the United States” to the task force in an effort to push for integrating crypto with the country’s economy.
🚨NEW: @saylor met with the @SECGov #crypto task force on Friday. pic.twitter.com/KkLfb5Mf2Q
— Eleanor Terrett (@EleanorTerrett) February 24, 2025
Saylor’s Proposal Creates Crypto Taxonomy for the US
Michael Saylor’s document makes several suggestions that establish a taxonomy for cryptocurrencies. The classification includes cryptocurrencies pegged to fiat, assets tied to debt or equities, commodities like Bitcoin BTC $91 804 24h volatility: 4.4% Market cap: $1.82 T Vol. 24h: $53.34 B , non-fungible tokens (NFTs), utility tokens for platform use, and tokens backed by physical commodities. Saylor’s document also establishes the functions of owners, exchanges, and issuers. The aim is to ensure that all participants in the crypto community are held accountable for all actions and no one can cheat or steal.
Among other things, the proposal argues for a strategic Bitcoin reserve, an idea that has been passed around the crypto market for some time. Saylor’s framework estimates that the Bitcoin reserve could generate between $16 and $81 million for the US Treasury.
Interestingly, VanEck’s Head of Digital Assets Research, Matthew Sigel, has a similar opinion. According to a recent X post, Sigel has noted the US could offset 18% of its projected debt if BTC rises 25% per annum, from $100,000 to $21 million by 2049. Sigel’s calculation assumes the US debt hits $116 trillion in the same period, from $36 trillion this year.{
🚨 A US Strategic Bitcoin Reserve Could Help Offset National Debt: VanEck Research
We modeled the opportunity, and just posted a tool on our website so you can make your own assumptions.
Link in reply ⬇️ @SenLummis pic.twitter.com/rq7LQOrn9p
— matthew sigel, recovering CFA (@matthew_sigel) February 20, 2025
The SEC’s Crypto Task Force
The SEC created its crypto task force on January 21. The goal is to create a comprehensive framework for crypto assets, which will include specific regulatory powers, clear rules for registration, and other specifics that will encourage innovation and protect users. According to the task force, issuers would be allowed to design and publish digital assets. However, they would be bound by fair disclosure rules.
For instance, issuance should cost a maximum of 1% of the asset’s total value, with yearly compliance expenses up to 0.1%. The SEC believes that the right framework can easily push the crypto industry from $25 billion to $10 trillion. This approach is considerably different from the SEC’s methods under former Chairperson Gary Gensler.
Saylor Met With El Salvador’s President
Saylor’s SEC discourse follows the Strategy founder’s meeting with Salvadoran President Nayib Bukele on February 13. Both Bitcoin proponents discussed El Salvador and how the country can expand its adoption of Bitcoin as it competes with other nations.
El Salvador officially recognized Bitcoin as legal tender in 2021, becoming the first country to do so. The Central American country also launched a campaign in which it regularly purchased Bitcoin. However, El Salvador changed its Bitcoin law, bowing to pressure from the International Monetary Fund (IMF), which opposed the country’s adoption of the leading cryptocurrency.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
