u.today
Michael Saylor, the chairman of [company name missing], has joined the buzzing discussion on the recent failure of the CLARITY Act after the Senate failed to pass the bill, driving negative momentum across the crypto market ecosystem.
In his post, Michael Saylor has sent assuring words, stating that the setback does not necessarily mean the end for Bitcoin nor the broad crypto ecosystem.
Saylor calls SEC to action
After sharing his belief, Michael Saylor called on the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and U.S. Treasury to continue advancing crypto rules under existing laws.
Michael Saylor believes that there is still enough room for Bitcoin and the broader crypto market to progress under existing law if the SEC steps into action regardless of the Senate's delay.
In addition to this, Saylor also mentioned that banks can play bigger roles in the Bitcoin market, as he expects financial institutions to expand their Bitcoin custody services and begin offering more loans backed by Bitcoin as adoption grows.
This way the Bitcoin ecosystem can further expand and move closer toward mainstream adoption whether or not the Senate passes the crypto bill.
Clarity failure not a limitation
According to Saylor, the Senate's failure to pass the long-awaited crypto bill cannot be perceived as a limitation, as the SEC and CFTC could establish clarity for the market under existing laws.
He further mentioned that the GENIUS Act could be a potential driver for stablecoin adoption, suggesting that progress in one part of the crypto market can still continue.