Saylor Proposes Bitcoin as a Commodity, Not a Digital Currency, in SEC Meeting
Michael Saylor, executive chairman of Strategy, recently met with the SEC’s Crypto Task Force to present his Digital Asset Framework, outlining his vision for Bitcoin’s classification and its role in the global economy. His proposal, originally drafted for the Trump administration, argues that Bitcoin should not be considered a digital currency but rather a commodity, distinct from fiat-backed digital assets.
“Bitcoin is an asset without an issuer, backed by digital power,” Saylor stated, contrasting it with digital currencies, which he describes as “an asset with an issuer, backed by fiat currency.”
Key Points of Saylor’s Proposal
Bitcoin as a Commodity – Bitcoin should be classified as a commodity rather than a digital currency, reinforcing its role as an investment asset rather than a medium of exchange.
USD as the Global Digital Reserve Currency – Saylor’s long-term vision includes strengthening the US dollar by integrating digital assets into a “Global Reserve Digital Currency” strategy.
Self-Custody & Compliance – While supporting individuals’ right to self-custody, Saylor emphasized the need for users to comply with local regulations and remain civilly and criminally responsible for transactions.
Regulatory Role of Exchanges – Proposes that exchanges should be empowered to collect and publish asset data, reducing direct regulatory oversight on digital asset issuance.
Expanding Tokenization – Advocates for a “Capital Markets Renaissance”, enabling tokenization of assets such as real estate, businesses, IP, collectibles, and financial instruments.
Criticism and Industry Comparison
While Saylor’s framework presents an ambitious roadmap for integrating digital assets into the US economy, critics argue that it primarily serves Bitcoin investors rather than the broader cryptocurrency industry.
Compared to proposals from ZCash Board Member J.W. Verret, NYU Professor Andrew Hinkes, and Jason Gottlieb, Saylor’s framework is seen as lacking specific regulatory steps to protect decentralized technology. Other industry groups, including Paradigm, the Blockchain Association, and the Digital Chamber, emphasize:
Protecting non-custodial wallets and smart contracts from being regulated like financial intermediaries.
Reviewing ongoing digital asset-related investigations and lawsuits that could set harmful precedents.
Withdrawing SEC amendments that would require software developers and communication protocols to obtain licenses.
Saylor’s Strategic Bitcoin Reserve Proposal
Saylor’s boldest recommendation involves the US government acquiring a 20-25% stake in Bitcoin to establish dominance over the global capital network. He told Yahoo Finance:
“Buy 20-25% of Bitcoin on behalf of the US Government, catalyze the development, and we would control the world reserve capital network as well as the world reserve currency.”
