Michael Saylor, executive chairman of Strategy and former CEO, proposes an alternative to the CLARITY Act after its failure in the US Senate on September 15. He recommends that the crypto industry use the next couple of years to deploy compliant products with support from existing regulators rather than accepting restrictions from the compromised bill. His most ambitious plan aims to attract 50 million satisfied US users of various crypto financial products to make future policy reversals considerably more difficult. The CLARITY Act would have limited certain rewards for holding payment stablecoins and restricted participation in its proposed regulatory sandbox. Saylor prefers letting the SEC, CFTC, Treasury, and banking regulators use their existing powers to establish workable rules. Both the SEC and CFTC have already begun proposing new crypto regulations within days of the bill’s setback.
Source: Read the original article
