On February 21, Michael Saylor, founder of Microstrategy, met with the SEC's new crypto task force in Washington to discuss regulation of digital assets across the US.
SEC's New Crypto Task Force
The task force began its work a month ago, on January 21, under Acting Chairman Mark Uyeda, with Commissioner Hester Peirce leading the initiative.
Key Discussion Points
The meeting focused on the need for clear categories for crypto assets. It aimed to create straightforward rules so issuers, traders, and everyday people know what they can and cannot do with digital assets. The project 'Taxonomy' proposes six asset types: digital commodities, securities, currencies, tokens, NFTs, and asset-backed tokens (ABTs).
Potential Impact of New Rules
Discussions also covered the rights and responsibilities of issuers, exchanges, and asset owners. The need for a unified disclosure standard was highlighted to ease the transition to new regulations. Michael Saylor noted that the new rules could significantly reduce the cost of issuing digital assets, opening up the American capital markets to more businesses.
A monetary policy regarding digital assets could strengthen the US dollar and ensure America's leadership in the 21st-century digital economy. The SEC's support in creating clear rules for crypto assets could expand the market from current trillions to hundreds of trillions of dollars.
