Key facts
- Michael Saylor believes the failure of the Clarity Act is good for the digital asset industry.
- Saylor argued that legislation can make restrictions permanent.
- The Clarity Act aimed to divide oversight between regulators.
- The SEC and CFTC are proceeding with their own rulemaking.
- Saylor suggested that proposals in the act, like limits on paying customers for holding stablecoins, would not benefit the crypto space.
- Senators voted against advancing the Clarity Act.
Michael Saylor, founder and chair of Strategy, has stated that the recent blockage of the Clarity Act, a long-awaited piece of crypto legislation, is actually beneficial for the digital asset industry. He argued on X (formerly Twitter) that legislation can just as easily make restrictions permanent as it can grant rights.
Lawmakers this week voted against advancing the Clarity Act, which was intended to formally divide oversight between regulators and distinguish between securities, commodities, and stablecoins. Despite the legislative hurdle, regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are continuing to pursue their own rulemaking processes.