Author: Michael Saylor

Translation: Jiahua, ChainCatcher

Instead of accepting the limitations in the final version of the CLARITY compromise text, the cryptocurrency industry should rely on the SEC, CFTC, the U.S. Department of the Treasury, and banking regulators to support innovative rules going forward.

The U.S. government is willing to push for the modernization of financial markets. We should take advantage of the next two years to enable more people to access better financial products.

For us, the safest path forward is to create products that genuinely feel useful to users and promote them widely in the market. Lower costs, lower barriers to use, more useful services, and stronger control over funds will allow users to tangibly experience the value of innovation and generate a direct motivation to maintain it. The strongest support group we can build is the public that actually benefits from these products.

Stable and clear legal rules are important, and competition freedom is equally important. Laws can either fix a right long-term or impose a limitation. Before celebrating long-term certainty in rules, we should first discern what exactly needs to be fixed.

The September version of the CLARITY compromise text will limit service providers from offering rewards to customers: if customers only hold a payment-type stablecoin, service providers may not pay rewards solely based on that, except for qualifying activity rewards. The plan also stipulates that if the Treasury identifies large-scale and unfavorable deposit outflows from community banks, it can also restrict certain reward mechanisms.

Protecting banks from liquidity crises and preventing them from being replaced by more competitive service providers are two different goals. Financial stability requires sound regulation, while competition requires that customers can freely choose better services. When technology reduces the cost of providing financial services, consumers should also share in the savings that result.

Another version of the GENIUS Act already includes restrictions on the payment of interest or yield by stablecoin issuers, but specific applicability still depends on its effective terms. After setbacks with CLARITY, these restrictions remain in place. The question now is whether to impose more restrictions on service providers and reward mechanisms.

Even the innovation sandbox program in CLARITY will limit the number of employees in participating companies to 25 and cap the number of projects approved by each regulatory committee to 20 per year. While these restrictions only apply to the sandbox program itself, they indicate that legislation may predefine the scale and boundaries for experimentation before the market demonstrates its potential.

The goal should be to establish a free market for financial innovation: rules that are clear, open to new participants, and competitive, allowing customers to make free choices. Protect ownership, require honest disclosure, and severely punish fraud. Within these boundaries, let entrepreneurs test better technologies and business models, allowing successful products to continuously grow.

The U.S. government is already paving the way.

On September 17, the SEC used its existing authority to provide conditional regulatory relief for on-chain trading of certain tokenized stocks. This does not mean related activities are no longer regulated; investor protection measures and anti-fraud provisions in securities law still apply.

SEC Chair Paul Atkins described it as a gradual process: first allowing the market to develop, accumulating experience from market operations, then formulating long-term rules after the temporary relief.

CFTC Chair Michael Selig supports advancing CLARITY but has also committed to using existing authority to carry out relevant work if the bill does not progress. He has requested staff to study rules for leveraged or margin crypto trading conducted through regulated markets and to collaborate with developers to explore compliant on-chain finance.

U.S. Treasury Secretary Scott Bessent links the implementation of stablecoin rules to innovation, U.S. economic growth, and the global standing of the dollar. Operable rules can convert these goals into truly used payment, business, and financial services.

The CLARITY text itself retains the SEC's existing regulatory exemption authority. This is key: current laws already provide ample space for development. We can continue pursuing these opportunities without treating new restrictions in the bill as a cost of making progress.

With the gradual formation of appropriate rules and compliant market infrastructure, these benefits can extend to the entire digital asset economy.

Digital Capital: Bitcoin (BTC)

The Office of the Comptroller of the Currency (OCC) has reduced regulatory barriers for banks to conduct crypto asset custody services. On this basis, if further operable custody rules are established and prudent risk-controlled lending services are provided, Bitcoin will be easier to hold, finance, and use as collateral. More institutional competition serving Bitcoin holders can expand market participation and enhance liquidity.

Digital Credit: Stretch (STRC)

Our flagship digital credit product STRC is a preferred stock that connects Strategy's Bitcoin financial management with yield-seeking investors. Rules that support innovation can open space for broader issuance and distribution, tokenized ownership, and more convenient trading while retaining the rights of shareholders under the law.

Compliant lending arrangements can also make STRC more suitable for use as collateral, provided that terms are clear and risks are adequately disclosed.

Digital Equity: Strategy (MSTR)

Increasing compliant trading venues, simplifying transfer processes, and extending trading hours can broaden the participant base for Strategy common stock and improve market liquidity. More efficient access to equity capital can aid Bitcoin reserve companies in securing financing for growth and developing new financial products. Modernized market infrastructure can benefit both issuers and shareholders.

Digital Exchanges: Coinbase (COIN)

Platforms like Coinbase can integrate crypto assets, securities, custody, payment, and financing services into a more complete and user-friendly experience. Rules that support innovation can help properly regulated businesses launch and integrate new products.

Broader market participation will create business opportunities for exchanges and allow customers to enjoy more competition regarding prices and services.

Digital Currency: Circle (USDC)

USDC is a regulated dollar stablecoin issued by Circle, headquartered in the U.S., which connects digital finance to everyday payments and global business activities.

Rules that support innovation can help Circle and its partners expand the use of digital dollars through faster settlement, programmable payments, and integration with financial institutions. U.S. businesses can reach new markets, and the dollar will become more useful globally.

Digital Innovation

These categories reinforce each other. Capital supports credit, equity finances businesses, exchanges connect investors with issuers, while digital currency transfers value between them. Developers can combine these capabilities to create more useful products than individual components. Open competition enables more people to participate in building, subjecting more ideas to market testing, and ensuring that more value ultimately reaches customers.

Banks should participate in this future. They can compete around digital assets in areas such as custody, payment, product distribution, and credit backed by digital assets. Traditional institutions and newcomers should win customers by offering better products and services. This is how financial innovation improves the financial system.

Speed is important because innovation continually accumulates and amplifies. The sooner products are launched, the sooner feedback can be obtained. Better products attract customers, distribution channels, and investment, thereby supporting the next round of improvements. For every year we wait, users gain one less year of actual benefits, and U.S. businesses accumulate one less year of practical experience.

These benefits extend beyond finance. Lower payment and financing costs can free up business resources for investment, hiring, and expansion. Faster settlement allows funds to be reinvested sooner. Broader financial participation opportunities can connect savers with entrepreneurs. As long as sufficient space is given to U.S. companies to develop and distribute related products and services overseas, it can enhance the U.S. economy while creating global value.

A major reason to support CLARITY is that we need a law to protect ourselves from future government hostility toward digital assets.

Long-term effective laws can protect rights; certain changes do require Congressional action. However, no law can completely remove political factors from regulation. Future governments will still make significant decisions regarding rule enforcement and regulatory enforcement. This industry also needs a sufficiently large public support group to make the political cost of unfriendly policies higher.

Imagine 50 million U.S. voters using digital financial products that improve their lives: cheaper payment methods, convenient Bitcoin acquisition channels, truly useful securities products, transparently structured yield products, and competitively priced credit with better conditions.

These voters will have something tangible to defend. Restricting technology that is not yet widespread is politically different from depriving millions of users of the services they rely on. Future governments must explain why these customers should lose the benefits they have already enjoyed.

The goal should be to have 50 million genuinely satisfied users, giving them a direct motive to maintain the freedom of financial choice. The larger the user base, the higher the political cost of policy reversal. Sound rule-making can solidify the legal foundation. Both must be done.

When products have not yet emerged, no customers can advocate for them. Once products are widely used, families, businesses, advisors, developers, and banks can articulate what they wish to retain. Publicly validated actual value is more likely to enhance the industry's position in legislation than promises of what may be created in the future.

User recognition must be earned through products. Products should be useful, understandable, and reliable regardless of market headwinds or tailwinds. Transparent terms, honest risk disclosures, convenient user experiences, and rights to freely switch service providers all contribute to building trust. Broad deployment of products can then convert this trust into lasting support.

We should use the years 2027 and 2028 to enable genuinely useful products to be deployed on a large scale, transform temporary relief into long-term rules, and promote targeted legislation in areas where additional authority or protection is genuinely needed. The measure of success will be how much value we create for customers and the economy.

Let the digital asset industry innovate rapidly in the free market, creating maximum value for both the U.S. and global economies. Develop products that users are willing to use and can benefit from, promote them widely in the market, and give millions of people reasons to advocate for the competition and innovation freedom that made these products possible.

Only by enabling more people to truly use and benefit from digital innovation can the industry gain broad public support and achieve more lasting protection.

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