Author: Martin Young, CoinTelegraph; Translated by: Deng Tong, Golden Finance
MicroStrategy founder Michael Saylor proposed a crypto asset framework for the U.S., which includes establishing a Bitcoin reserve, claiming it could create up to $81 trillion in wealth for the country's treasury.
Saylor stated in a post on December 21: 'A strategic digital asset policy can strengthen the dollar, offset national debt, and make the United States the global leader of the 21st-century digital economy.'
Saylor's crypto framework proposes to establish a strategic Bitcoin reserve, 'capable of creating between $16 trillion and $81 trillion in wealth for the U.S. Treasury, providing a way to offset national debt.'
Under Saylor's leadership, MicroStrategy accumulated over 439,000 Bitcoins, currently worth far more than $41 billion, which has caused the company's stock price to soar this year along with cryptocurrencies. He pitched the idea of purchasing Bitcoin to Microsoft, but the idea was rejected by shareholders.
Saylor's proposal defines six different investment categories: digital commodities like Bitcoin, digital securities, digital currencies, digital tokens, non-fungible tokens (NFTs), and asset-backed tokens.
The framework aims to establish clear roles for issuers, exchanges, and owners, defining specific rights and responsibilities for each type of participant while emphasizing that no participant can 'lie, deceive, or steal.'
It also provides a simplified compliance approach and proposes compliance cost limits, with the maximum cost for token issuance being 1% of managed assets and maintenance costs at 0.1% per year.
The proposal states: 'Digital asset regulation must prioritize efficiency and innovation over obstacles and bureaucracy,' advocating for industry-led compliance rather than direct regulation.
Excerpt from Saylor's (Digital Asset Framework). Source: Michael Saylor
It also indicates that the United States has the opportunity to 'catalyze the revival of 21st-century capital markets, unlocking trillions of dollars in value creation.'
It aims to significantly reduce issuance costs from millions of dollars to thousands and expand market access from 4,000 listed companies to 40 million businesses, focusing on quick asset issuance.
Finally, the crypto framework aims to help the dollar become the global reserve digital currency. It also aims to expand the global digital capital market from $20 trillion to $280 trillion, with 'American investors occupying most of the wealth.'
The proposal concludes: 'By establishing a clear taxonomy, a legitimate rights framework, and practical compliance obligations, the United States can lead the global digital economy.'
However, Bitcoin's perennial critic Peter Schiff stated that the proposal is 'utter nonsense' and added that 'it would have the opposite effect. It would weaken the dollar, exacerbate national debt, and make the U.S. a laughingstock.'
According to SaylorTracker, MicroStrategy is the largest corporate holder of Bitcoin, with an overall portfolio profit of 54%.
