Michael Saylor says the Clarity Act's blockage helps crypto, as regulators proceed with rules while avoiding restrictive provisions.
Michael Saylor, the founder of bitcoin treasury company Strategy, stated that the halting of the Clarity Act is a positive development for the cryptocurrency sector.
In a post on X on Saturday, Saylor, who is both founder and chair of Strategy, noted that laws can entrench restrictions as readily as they can establish freedoms.
This week, legislators blocked the long-anticipated Clarity Act, a crypto bill intended to clearly separate regulatory responsibilities among agencies. The digital asset sector has been advocating for such regulations for an extended period.
Even with this setback, watchdogs including the SEC and CFTC continue to advance their own rulemaking efforts.
“We have an administration willing to modernize financial markets. We should use the next two years to put better financial products into people’s hands,” Saylor wrote.
He continued: “Let the Digital Assets industry innovate rapidly in a free market and create the greatest possible value for the U.S. and global economy.”
Saylor further argued that agencies proceeding with their own rules, such as the SEC's conditional relief for on-chain trading of some tokenized equities and the CFTC chairman's expressed readiness to act without the legislation, would provide the oversight that crypto firms require.
Saylor also contended that certain provisions within the act, for instance restrictions on compensating customers for holding payment stablecoins, would not be advantageous to the crypto industry.
On Tuesday, senators largely voted down the measure by a 49-50 margin, a bill that the digital asset industry had long requested.
The legislation was designed to clearly allocate oversight among regulators, defining whether digital assets qualify as securities, commodities, or stablecoins.
Last month, President Donald Trump called on legislators to approve the bill, which helped fuel a bitcoin price increase. However, Republicans had cautioned for months that Democrats were intentionally stalling it.
Major figures in the crypto industry had been pushing for such regulations for some time, following penalties imposed by regulators under the Biden Administration on digital asset firms for purportedly offering unregistered securities.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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