Michael Saylor proposes a digital economy policy framework, advocating for the inclusion of Bitcoin in the banking and insurance systems.

BlockBeats news, September 26: Strategy founder Michael Saylor published a policy framework for the digital economy. He believes that AI will significantly increase the productive capacity of individuals and businesses, and that the era of digital assets requires a "Digital Bill of Rights," under which individuals and businesses should enjoy five basic rights: to create, issue, custody, transfer, and use digital assets.

Saylor advocates simplifying the rules for issuing digital assets and setting corresponding disclosure requirements based on project size, in order to reduce corporate financing costs and help 10 million new companies gain access to capital. He also believes that banks, fintech companies, and technology platforms should all have a clear path to issuing digital dollar products, and that issuers should be allowed to compete on yield.

On Bitcoin, Saylor defines it as "digital capital" and advocates allowing banks to provide Bitcoin custody and collateralized lending, as well as providing a viable path for insurance companies to include it in their balance sheets and product design. He believes that the Basel framework's 1250% risk weight on certain crypto asset exposures is too harsh, and that regulation should distinguish between custody on behalf of clients, collateralized lending, and banks' proprietary holdings. Banks' adoption of Bitcoin may become an important driver of industry growth.

Tokenized securities should give holders the right to directly custody and freely transfer assets, as well as to choose different custody and credit service providers, rather than merely putting traditional securities on the blockchain. On privacy, he advocates that ordinary lawful transactions below a reasonable threshold such as $10,000 should not trigger routine government reporting solely because funds or digital assets have moved.

The main institutions driving reform over the next two years include the SEC, CFTC, U.S. Treasury, banking regulators, and the White House. He criticized the CLARITY Act for overemphasizing restrictions and predicted that the digital asset industry could eventually grow to $100 trillion in scale.