Michael Saylor (마이클 세일러), chairman of Strategy, argued that the failure of the U.S. Congress to process the Clarity Act could instead be positive for the digital asset industry.

On Sept. 21 local time, blockchain media outlet Bitcoin Magazine reported that Saylor wrote on X, formerly Twitter, on Sept. 20 that legislation can permanently enshrine restrictions as well as rights.

The Senate recently failed to make progress on the Clarity Act, which the digital asset industry has long demanded. The bill was blocked in a vote of 49 in favor to 50 against. The bill classifies digital assets as securities, commodities and stablecoins, and formally allocates oversight authority among regulators accordingly.

The market has called for a clear legal framework, but Saylor said the delay does not need to be seen only negatively. He wrote, "Legislation can easily permanentize restrictions as much as rights." Laws can provide certainty the industry needs, but they can also lock in provisions unfavorable to the sector.

Saylor focused in particular on the fact that regulators are continuing to set rules without the bill. The Securities and Exchange Commission and the Commodity Futures Trading Commission are pursuing regulatory reforms separately from legislation. Saylor said, "The executive branch is willing to modernize financial markets," and added, "Over the next 2 years, we need to put better financial products in people’s hands."

He also stressed expanding the industry around free markets. Saylor said, "The digital asset industry should innovate rapidly in the free market and create the maximum possible value for the U.S. and the world economy." In his view, if regulators set working-level standards first, companies can operate without waiting for the bill to pass.

Saylor also cited steps already taken. The SEC has offered conditional relief for on-chain trading of some tokenized stocks, and the head of the CFTC has expressed willingness to act without legislation. Saylor said this trend could provide the regulatory framework crypto companies need.

He drew a line by saying some provisions of the Clarity Act are not necessarily favorable to the industry. He argued that a proposal to restrict paying compensation to customers holding payment stablecoins would not help the digital asset ecosystem. Even if the bill passes, he sees a risk it could include provisions that constrain industry growth.

In politics, wrangling over the bill has continued. President Donald Trump urged Congress last month to pass the bill, which was cited as one factor that fueled a bitcoin rally. Republicans, meanwhile, have for months criticised Democrats, saying they are deliberately delaying the bill.

The debate around the bill has a background in the regulatory stance during the Biden administration. At the time, regulators fined digital asset companies over alleged sales of unregistered securities, and the industry demanded clear rules instead of an enforcement-led approach. Saylor said what matters more than a legislative vacuum is which regulations are actually created.

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