Key Points
- Strategy founder Michael Saylor met with the SEC’s crypto task force to discuss crypto integration into the US economy.
- Saylor proposed a crypto taxonomy for the US, including a strategic Bitcoin reserve that could generate substantial revenue for the US Treasury.
Michael Saylor, the founder of Strategy (previously known as MicroStrategy), recently held a meeting with the crypto task force of the United States Securities and Exchange Commission (SEC).
Fox Business Journalist Eleanor Terrett reported that during this meeting, Saylor presented a document titled “Digital Assets Framework, Principles, and Opportunity for the United States”.
Saylor’s Crypto Taxonomy Proposal
In this document, Saylor proposed a taxonomy for cryptocurrencies, which includes various categories such as cryptocurrencies pegged to fiat, assets linked to debt or equities, commodities like Bitcoin (BTC), non-fungible tokens (NFTs), utility tokens for platform use, and tokens backed by physical commodities.
The document also outlined the roles of owners, exchanges, and issuers, aiming to hold all participants in the crypto community accountable for their actions.
Saylor’s proposal also advocated for a strategic Bitcoin reserve, estimating that such a reserve could generate between $16 and $81 million for the US Treasury.
Matthew Sigel, Head of Digital Assets Research at VanEck, has expressed a similar opinion. He suggested that if BTC’s value increases by 25% per annum, from $100,000 to $21 million by 2049, the US could offset 18% of its projected debt.
The SEC’s Crypto Task Force and Saylor’s Meeting with El Salvador’s President
The SEC established its crypto task force on January 21 with the objective of developing a comprehensive framework for crypto assets. The task force aims to encourage innovation and protect users by setting clear rules for registration and other specifics.
Prior to his meeting with the SEC, Saylor had a discussion with Salvadoran President Nayib Bukele about Bitcoin adoption in El Salvador. El Salvador became the first country to officially recognize Bitcoin as legal tender in 2021, but later amended its Bitcoin law due to pressure from the International Monetary Fund (IMF).
