Michael Saylor Proposes U.S. Crypto Framework With $81 Trillion BTC Reserve Plan

Michael Saylor has put forward a proposal for a Digital Assets Framework in the United States, which includes creating a Bitcoin (BTC) reserve that he claims could generate up to $81 trillion for the U.S. Treasury.

Prioritizing Efficiency, Accessibility, And Innovation

The proposed framework outlines six key categories, namely digital commodities like Bitcoin, digital securities, digital currencies, digital tokens, non-fungible tokens (NFTs), and asset-backed tokens. The overall goal is to clarify the roles of issuers, exchanges, and owners, while stressing that no participant should engage in dishonesty or fraud. It also specifies clear rights and responsibilities for each participant group.

Additionally, the framework proposes a simplified compliance system with cost limits of no more than 1% of assets under management for token issuance and 0.1% annually for ongoing maintenance. Digital asset regulation should prioritize efficiency and innovation, avoiding unnecessary bureaucracy and friction, the proposal asserts, advocating for industry-led compliance instead of direct regulatory oversight.

Mixed Reactions

The framework also aims to drastically lower issuance costs while simultaneously expanding market access to 40 million businesses, with an emphasis on rapid asset issuance. One of the final objectives of the proposal is to establish the U.S. dollar as the global leading digital reserve currency. It additionally envisions expanding global digital capital markets to $280 trillion.

While many have praised the proposal, Peter Schiff, a well-known Bitcoin critic, dismissed it as complete nonsense, claiming it would do the opposite of what Saylor believes. According to Schiff, it would weaken the dollar, worsen the national debt, and turn the U.S. into a laughing stock.