At the Bitcoin 2023 conference in Miami, Michael Saylor, executive chairman and co-founder of Microstrategy, spoke about the superiority of bitcoin. He also took the opportunity to give his opinion on crypto regulations in the United States. He wonders if the regulatory uncertainty and vagueness in the United States might not be by design.
Crypto regulation in the United States: Regulators are not in favor of stablecoins
Despite much discussion, crypto regulations in the United States remain very unclear. During his speech, Michael Saylor even mentioned the fact that regulators were against stablecoins. “For regulators, stablecoins represent a problem because they allow billions of dollars to circulate in dark pools”he explained.
According Saylorregulators consider most crypto assets to be unrecorded titles. These are shrewdly wielded tokens by issuers who do not publish necessary asset information. A conception that translates the point of view of Gary Gensler, chairman of the SEC. As part of the crypto regulations in the United States, the latter tried to prove that bitcoin is a commodity.
Another catalyst for regulators to oppose cryptocurrencies: the fall of FTX. Since then, attacks on the crypto industries have intensified.
Why is bitcoin adoption lagging?
Granted, bitcoin still has a long way to go before it achieves wider institutional adoption. From an accounting standpoint, bitcoin is indeed on the verge of moving from an “indefinable” accounting framework to a “fair value” framework. An accounting status that allows companies that hold BTC to show their investment earnings on their balance sheets.
Another factor hindering the adoption of bitcoin according to Saylor: crypto confusion. To some, bitcoin, FTX tokens, Terra tokens, and other assets mean the same thing.
The lack of clarity of crypto regulations in the United Statesis it intentional as Saylor thinks? Isn’t it time for this consideration to change?
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