Crypto regulation in the United States: Michael Saylor sparks debate

During the Bitcoin 2023 conference in Miami, Michael Saylor, Executive Chairman and Co-founder of MicroStrategy, shared his thoughts on the superiority of Bitcoin. He also took the opportunity to express his views on crypto regulation in the United States, questioning whether the uncertainty and regulatory ambiguity are deliberate.

Crypto regulation in the United States: regulators are not in favor of stablecoins

Despite numerous discussions, crypto regulation in the United States remains highly ambiguous. During his talk, Michael Saylor even mentioned that regulators were against stablecoins. “For regulators, stablecoins are a problem as they enable billions of dollars to circulate in dark pools,” he explained.

According to Saylor, regulators consider most crypto assets as unregistered securities. These tokens are skillfully manipulated by issuers who do not provide the necessary information about the assets. This perspective aligns with the views of Gary Gensler, the Chairman of the SEC. As part of crypto regulation in the United States, Gensler has attempted to establish Bitcoin as a commodity.

Another catalyzing factor driving regulators to oppose cryptos is the FTX crash. Since then, attacks against the crypto industry have intensified.

Why is Bitcoin adoption lagging?

Undoubtedly, Bitcoin still has a long way to go before achieving broader institutional adoption. In accounting terms, Bitcoin is on the verge of transitioning from an “indefinable” accounting framework to a “fair value” framework. This accounting status allows companies holding BTC to include their investment gains in their balance sheets.

Another factor hindering Bitcoin adoption, according to Saylor, is cryptographic confusion. For some, Bitcoin, FTX tokens, Terra tokens, and other assets all mean the same thing.

Is the lack of clarity in crypto regulation in the United States intentional, as Saylor suggests? Isn’t it time for this consideration to change?