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Michael Saylor – executive chairman of bitcoin-bullish software company MicroStrategy – spoke at the Bitcoin 2023 conference in Miami about the trajectory of bitcoin adoption as a Treasury reserve asset and its place next to crypto in the US regulatory perimeter.
The former CEO addressed whether the so-called “lack of clarity” surrounding crypto regulation in the United States is “by design”, and how regulatory agencies actually view digital assets.
What the SEC Doesn’t Like, According to Saylor
in one Interview With Kitco News published on Monday, Saylor said he believes regulators have allowed billions of US dollars to circulate in what are effectively “dark pools” as opposed to stablecoins, thus crippling the banking system. and evading sanctions control. “Stablecoins are a problem for them, and I don’t think they are going to change their approach,” he said.
He also believes that regulators have already concluded that most crypto tokens are unregistered securities that are being manipulated by their issuers, who have not made proper disclosures about the assets they hold. it will align with Look Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has only shown a public willingness to label bitcoin as a commodity.
“The FTX meltdown was a catalytic event that caused regulators to decide that crypto exchanges, crypto securities, and cryptocurrencies that mimic the dollar are not truly consistent with a stable world financial system,” Saylor said.
The US government has launched a multi-pronged assault on the crypto industry since the FTX split, including the SEC’s $30 million fine against Kraken in February and a Wells notice against Coinbase for a similar product in April. Is. Coinbase Responds By Forcing The SEC To Respond To Its Request For Clearer Crypto Regulations, Which The SEC Now Wants To kill,
What’s Holding Back Bitcoin Adoption?
While bitcoin itself does not face the same types of regulatory threats, Saylor noted that there are still milestones to overcome along the way to mass institutional adoption.
matter of one accounting:Bitcoin is currently transitioning from an “indeterminate intangible” to the use of a “fair value” accounting framework, which will let companies mark their crypto investment gains to BTC on their balance sheets — not just their losses.
Another obstacle relates to “crypto confusion,” in which companies confuse bitcoin with the rest of the crypto market. “A lot of people had a hard time differentiating between bitcoin and FTX, and FTT token, and Terra, and Luna token, and all these other crypto assets,” Saylor explained.
Nevertheless, Saylor believes that bitcoin will benefit once regulators “clean up” the crypto industry. “Until this is resolved … I think there are a lot of conservative investors who are just going to stand by and wait.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Michael Saylor – executive chairman of bitcoin-bullish software company MicroStrategy – spoke at the Bitcoin 2023 conference in Miami about the trajectory of bitcoin adoption as a Treasury reserve asset and its place next to crypto in the US regulatory perimeter.
The former CEO addressed whether the so-called “lack of clarity” surrounding crypto regulation in the United States is “by design”, and how regulatory agencies actually view digital assets.
What the SEC Doesn’t Like, According to Saylor
in one Interview With Kitco News published on Monday, Saylor said he believes regulators have allowed billions of US dollars to circulate in what are effectively “dark pools” as opposed to stablecoins, thus crippling the banking system. and evading sanctions control. “Stablecoins are a problem for them, and I don’t think they are going to change their approach,” he said.
He also believes that regulators have already concluded that most crypto tokens are unregistered securities that are being manipulated by their issuers, who have not made proper disclosures about the assets they hold. it will align with Look Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has only shown a public willingness to label bitcoin as a commodity.
“The FTX meltdown was a catalytic event that caused regulators to decide that crypto exchanges, crypto securities, and cryptocurrencies that mimic the dollar are not truly consistent with a stable world financial system,” Saylor said.
The US government has launched a multi-pronged assault on the crypto industry since the FTX split, including the SEC’s $30 million fine against Kraken in February and a Wells notice against Coinbase for a similar product in April. Is. Coinbase Responds By Forcing The SEC To Respond To Its Request For Clearer Crypto Regulations, Which The SEC Now Wants To kill,
What’s Holding Back Bitcoin Adoption?
While bitcoin itself does not face the same types of regulatory threats, Saylor noted that there are still milestones to overcome along the way to mass institutional adoption.
matter of one accounting:Bitcoin is currently transitioning from an “indeterminate intangible” to the use of a “fair value” accounting framework, which will let companies mark their crypto investment gains to BTC on their balance sheets — not just their losses.
Another obstacle relates to “crypto confusion,” in which companies confuse bitcoin with the rest of the crypto market. “A lot of people had a hard time differentiating between bitcoin and FTX, and FTT token, and Terra, and Luna token, and all these other crypto assets,” Saylor explained.
Nevertheless, Saylor believes that bitcoin will benefit once regulators “clean up” the crypto industry. “Until this is resolved … I think there are a lot of conservative investors who are just going to stand by and wait.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
