Bitcoin
Strategy founder Michael Saylor has proposed a policy framework for the digital economy that would give Bitcoin a broader role across the banking and insurance sectors while establishing clearer rules for digital assets.
In a recently published article, Saylor argued that artificial intelligence will significantly increase productivity for individuals and businesses, creating a need for what he described as a “digital rights declaration.” Under his proposal, individuals and companies would have five fundamental rights covering the creation, issuance, holding, transfer and use of digital assets.
Saylor also called for simpler rules governing digital asset issuance. He proposed differentiating disclosure requirements according to the size of a project, arguing that a tiered approach could reduce the cost of accessing capital and potentially allow around 10 million new companies to access financing.
Another part of the framework focuses on digital-dollar products. Saylor argued that banks, fintech companies and technology platforms should have a clear regulatory path to issue digital dollars. He also said issuers should be able to compete on yield, potentially creating greater competition among providers of digital-dollar products.
Bitcoin occupies a central position in Saylor’s proposal. He described Bitcoin as “digital capital” and called for banks to be permitted to provide Bitcoin custody services and Bitcoin-backed loans. He also argued that insurance companies should have a regulatory framework allowing them to hold Bitcoin on their balance sheets and incorporate the asset into insurance products.
Saylor criticized the treatment of crypto-related risks under existing Basel rules, arguing that a 1,250% risk weighting applied to some crypto assets is excessively restrictive. He said regulation should distinguish between client custody, Bitcoin-backed lending and banks holding Bitcoin on their own balance sheets.
Such distinctions would represent a shift from treating different forms of crypto exposure under a broad risk framework toward a more specific approach based on how financial institutions use the assets. Saylor argued that greater banking access to Bitcoin could become a significant catalyst for broader sector growth.
His proposal also extends to tokenized securities. Saylor argued that simply transferring traditional securities onto blockchain infrastructure does not fully capture the potential of tokenization. In his view, investors should be able to hold assets directly, transfer them freely and choose among different custody and lending providers.
Privacy is another component of the proposed framework. Saylor argued that legitimate transactions below $10,000 should not automatically be reported to government agencies solely because they involve the transfer of money or digital assets.
Saylor identified the SEC, CFTC, U.S. Treasury Department, banking regulators and the White House as key institutions that could shape digital-asset policy over the next two years. He also criticized the Clarity Act, arguing that the legislation places too much emphasis on restrictions.
Taken together, Saylor’s proposals seek to move digital assets further into traditional financial infrastructure while reducing regulatory barriers around issuance, banking services, custody, lending and tokenized securities. The key issue going forward will be whether policymakers adopt clearer distinctions between different types of digital-asset activity and how those rules affect financial institutions seeking greater exposure to Bitcoin.
