Co-founder of Strategy, Michael Saylor, has joined the call for the United States to establish a formal classification system for cryptocurrencies, in order to clearly define when securities can be tokenized and what constitutes digital securities or digital commodities.
“I believe that if they can determine the taxonomy of digital assets, it would benefit the market,” Saylor said during Strategy's second-quarter earnings call.
The crypto industry has been pushing for the Trump administration to clarify the legal definition of cryptocurrencies after a lengthy legal battle with the Securities and Exchange Commission (SEC) regarding whether crypto assets are securities. Without a taxonomy, there will still be a lot of confusion about who can issue what and under what circumstances, Saylor added. The current SEC has established a cryptocurrency working group to address these uncertainties.
Saylor's comments come as the White House Digital Asset Market Working Group called on federal regulators to more swiftly clarify the rules surrounding custody, trading, registration, and record-keeping for cryptocurrencies.
SEC Chairman Paul Atkins stated in a speech on Thursday that most tokenization innovations are occurring overseas due to regulatory challenges in the U.S.
However, he revealed that companies are “lining up to request tokenization,” and he has informed SEC staff to “provide relief where appropriate” to ensure that the U.S. remains competitive in the development of the digital asset industry.
Congress is also preparing to review the 2025 Digital Asset Market Clear Act in September—Saylor believes this will create “a very rich framework” for the crypto industry and for everyday businesses looking to issue, trade, or tokenize assets on-chain.
“In an ideal world, 40 million businesses could issue a token in four hours for $40,” Saylor said.
Meanwhile, Robinhood is aggressively pushing its cryptocurrency tokenization business. Robinhood CEO Vladimir Tenev stated during the company's second-quarter earnings call that Robinhood is particularly focused on opening up private market opportunities for ordinary American investors.
“There hasn’t been such an opportunity in the private market and related real-world assets (RWA) before, and we are working with regulators to make it happen.”
Robinhood has issued private equity tokens in Europe similar to those of OpenAI and SpaceX.
However, Robinhood's tokenization products have recently sparked a legal investigation in Lithuania. OpenAI has also warned that Robinhood's OpenAI token is not related to its actual equity.
Related: Report: The number of cryptocurrency class-action lawsuits may double by 2025
Original: “Michael Saylor Joins Regulatory Call, U.S. Accelerates Cryptocurrency Legislation Process”
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