Key Highlights
- Saylor says crypto adoption can continue in the U.S. even after the CLARITY Act failed to advance in the Senate.
- He believes the SEC, CFTC, Treasury and banks can keep supporting the crypto market through existing rules and financial services.
- Saylor expects wider use of Bitcoin, stablecoins, digital credit and other crypto products to help drive further adoption.
Strategy’s co-founder, Michael Saylor said crypto adoption in the United States can continue despite the Senate’s failure to advance the CLARITY Act.
In a post on X, Saylor pointed to a couple of points including existing regulatory powers, growing bank services and wider use of digital assets as ways the industry can keep moving forward.
The Senate voted 49-50 on September 15 on a procedural motion to advance H.R. 3633, the Digital Asset Market Clarity Act. The bill needed 60 votes to clear the cloture step, but the motion failed, leaving the legislation stalled at that stage.
Saylor sees a path beyond clarity
Following the vote, Saylor said the digital asset industry should focus on supportive rules from the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Treasury and banking regulators.
He argued that the industry does not need to wait for a new law before putting more financial products into the hands of users.
“Our safest path forward is to create products that delight customers and deploy them broadly,” Saylor said. He pointed to lower costs, easier access to financial services and greater control over money as areas that could encourage more people to use digital assets.
Saylor also said legal certainty is important, but warned that a law can make restrictions permanent just as easily as it can protect rights. He referred to parts of the September CLARITY compromise that would have restricted certain rewards paid to customers for holding payment stablecoins.
Existing rules can keep crypto moving
He also pointed to the GENIUS Act, which already contains restrictions on issuer-paid interest and yield for payment stablecoins, subject to its effective-date provisions. Saylor said the CLARITY setback leaves those rules in place without adding the extra restrictions proposed in the compromise.
Another part of his argument focused on the bill’s proposed innovation sandbox. The program would have limited participating firms to 25 employees and each commission to 20 project approvals per year.
Saylor said these limits showed how legislation could set the size of an experiment before the market has had time to show what works.
Clarity setback leaves genius act in place
Saylor’s view comes as U.S. regulators continue taking steps on digital assets even without the CLARITY Act.
SEC Chairman Paul Atkins had said the agency would continue using its existing authority after Congress failed to advance the bill. On September 17, the SEC also granted temporary, conditional relief for certain venues to trade tokenized U.S. stocks onchain.
The SEC said the relief allows approved tokenized securities venues to use automated market makers and liquidity pools under specific conditions. The agency also said investor protection and anti-fraud rules still apply.
Saylor expects this type of regulatory work to support further growth in the digital asset market. He said banks could expand Bitcoin custody and lending against the asset, giving Bitcoin holders more ways to use their holdings within financial services.
He also pointed to digital credit, equities, exchanges and stablecoins as parts of the same growing market. Saylor highlighted Strategy’s STRC preferred stock and MSTR shares, while also naming Coinbase and Circle’s USDC as examples of businesses and products that could benefit from clearer and more supportive rules.
Banks could expand bitcoin services
He said these parts can work together. Capital can support credit, exchanges can connect investors and companies, while stablecoins can move money across digital financial services.
For Saylor, wider adoption is also important because people who use these products may have a direct interest in keeping them available.He suggested that millions of users benefiting from cheaper payments, easier Bitcoin access and other digital financial services could create stronger public support for continued innovation.
“Progress need not wait for Congress,” Saylor said in an earlier post after the Senate vote.
His message is that the CLARITY Act’s setback does not have to stop the development of digital assets. Instead, he wants regulators, banks and crypto companies to continue building under existing rules while the industry works toward wider adoption and future legislation.
Also Read: Seven Senate Democrats Vow to Revive CLARITY Act After 49-50 Cloture Defeat
