Strategy founder Michael Saylor said the digital asset industry would be better served by supportive rules from the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Treasury Department, and banking regulators than by accepting the restrictions in the final CLARITY compromise.
Saylor said the safest route is to create products that satisfy customers and deploy them widely so people have a stake in innovation. He said policymakers should protect ownership, require honest disclosure, and punish fraud, then allow entrepreneurs to compete and grow.
Saylor’s view on the CLARITY compromise
According to Saylor, the September CLARITY compromise would have limited covered providers to paying customers only for holding payment stablecoins, while allowing qualified activity rewards. It also would have directed the Treasury Department to restrict certain rewards if it determined that community banks were experiencing large harmful deposit transfers.
He added that the GENIUS Act already includes limits on issuers paying interest and yield on payment stablecoins.
Sandbox limits and recent regulatory steps
Saylor also said CLARITY’s innovation sandbox would have restricted participating companies to 25 employees and limited each committee to approving 20 projects per year.
He pointed to conditional SEC relief issued on Sept. 17 for on-chain trading in certain tokenized stocks. He also said the CFTC chair had pledged to use existing authority if the legislation remains stalled.
What he said about 2027 and 2028
Saylor said the industry should use 2027 and 2028 to scale useful products and turn temporary relief into durable rules.
He said the goal is to get 50 million U.S. voters using digital financial products that improve their lives. In his words, the best protection for digital innovation is a public that benefits from it.