Michael Saylor has released a paper titled Prescriptions for Prosperity in the Digital Economy, saying artificial intelligence will significantly increase the productive capacity of individuals and businesses and that people should have greater freedom to create, finance, own, and trade assets.
A proposed Bill of Digital Rights
Saylor said digital assets should be governed by a “Bill of Digital Rights” centered on giving individuals and companies the right to create, issue, custody, transfer, and use digital assets. He also called for baseline protections covering financial privacy, asset ownership, and access to markets.
Lowering the cost of capital formation
He said digital intelligence will lead to the creation of a large number of new businesses, and argued that the cost, complexity, and time involved in financing should be reduced. In his view, digital tokens and similar tools can improve the efficiency of capital formation.
Saylor said the target should be to make financing available to 10 million new businesses, with clear issuance rules and disclosure requirements matched to the level of risk.
More competition around digital dollar products
On the digital dollar, Saylor said banks, fintech companies, and technology platforms should be allowed to compete more fully in digital dollar products. He also argued that issuers should be allowed to compete on yield.
He said the United States could expand the global reach of the dollar by allowing companies to develop more competitive digital dollar products.
Bitcoin as “Digital Capital”
Saylor described Bitcoin as “Digital Capital” and said banks should be allowed to custody BTC under clear rules and provide credit against it as collateral. He also said insurers should have a workable path to include digital capital in balance sheets and product design.
He specifically pointed to the Basel framework’s 1250% risk weight for some crypto-asset exposures, and said regulators should reassess related capital requirements based on the actual risk of digital assets and the business activity involved.