Michael Saylor, co-founder and executive chairman of MicroStrategy, has proposed a comprehensive framework aimed at positioning the United States at the forefront of the global digital economy. His proposal emphasizes clear definitions for digital assets, delineates the rights and responsibilities of ecosystem participants, and envisions a streamlined regulatory environment to foster innovation.
Key Components of Saylor's Framework:
Digital Asset Taxonomy:
Digital Commodity: Assets without an issuer, backed by digital power (e.g., Bitcoin).
Digital Security: Issuer-backed assets tied to securities like equity or debt.
Digital Currency: Issuer-backed assets pegged to fiat currencies.
Digital Token: Fungible assets with an issuer offering digital utility.
Digital NFT: Non-fungible tokens with an issuer providing digital utility.
Digital ABT: Assets backed by physical commodities such as gold or oil.
Rights and Responsibilities:
Issuers: Right to create digital assets; responsible for fair disclosure and ethical conduct.
Exchanges: Right to custody and trade assets; must protect client assets and avoid conflicts of interest.
Owners: Right to self-custody and trade assets in compliance with local laws.
Practical Regulatory Approach:
Advocates for standardized disclosures and industry-led compliance to minimize bureaucratic hurdles.
Proposes that exchanges manage data collection, reducing the regulatory burden on issuers.
Suggests capping asset issuance costs at 1% of assets under management, with maintenance costs not exceeding 0.1% annually.
Saylor envisions this framework sparking a renaissance in capital markets, enabling rapid asset issuance and broader market access, thereby solidifying U.S. leadership in the digital economy.
What impact do you think such a framework would have on the global adoption of digital assets?
Source: cryptofrontnews
