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- Michael Saylor said the Clarity Act has stalled, but progress does not necessarily need to wait for congressional legislation.
- Saylor said he expects the SEC, CFTC and Treasury Department to pursue cryptocurrency regulations under existing law.
- He said the GENIUS Act will support stablecoin adoption and an expansion of Bitcoin custody and Bitcoin-backed lending, while steering more capital toward Bitcoin and digital credit.
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Michael Saylor, executive chairman of Strategy, the world’s largest corporate holder of Bitcoin, said a deadlock over the Clarity Act does not mean the crypto industry must wait for Congress to act.
Writing on X on September 16, Saylor said he expects the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Treasury Department to pursue crypto rulemaking under existing law now that the Clarity Act has stalled.
The US Senate on September 15 failed to advance the Clarity Act after a cloture vote to move the bill to floor debate was rejected. US authorities have recently signaled they are willing to craft crypto regulations on their own if passage of the Clarity Act is delayed.
Saylor also said the GENIUS Act supports broader stablecoin adoption. Banks will expand Bitcoin custody and lending backed by Bitcoin collateral, and more capital will flow into Bitcoin and digital credit, he wrote. Industry progress does not have to wait for congressional legislation.
Source: en.bloomingbit.io