MicroStrategy founder and Chairman Michael Saylor presented a detailed digital assets framework on Friday for the U.S. government to strengthen fiscal policy and position the country to lead the 21st-century digital financial system
What happened: The complete proposal urged for regulatory clarity, including defining what constitutes a digital asset, stakeholder rights and obligations, transparency, and initiatives to promote innovation.
Among the key objectives of the so-called strategic digital asset policy was the creation of a Bitcoin reserve, having the potential to generate $16–$81 trillion in wealth for the Treasury and thereby neutralizing the soaring national debt.
Interestingly, Sen. Cynthia Lummis (R-Wyo.), who proposed a bill to establish a Bitcoin reserve, advocated purchasing 1 million BTC over five years, which is expected to be worth $17 trillion in 20 years.
Additionally, Saylor’s framework called for growing digital currency markets from $25 billion to $10 trillion and digital capital markets from $2 trillion to $280 trillion.
The proposal also advocated growth in the digital asset market, other than Bitcoin, from $1 trillion to $590 trillion.
Saylor also supported increasing investors’ access to a variety of digital assets, including tokenized commodities, real estate, art, businesses, teams, collectibles, intellectual property, and trademarks.
See Also: MicroStrategy’s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
Why It Matters: The proposal comes amid a renewed sense of optimism in cryptocurrency circles following Donald Trump’s presidential victory last month. According to reports, the president-elect may consider creating a strategic Bitcoin reserve by executive order.
Saylor said earlier that Trump was serious about creating a Bitcoin stockpile and that it made sense for the government to “buy it now and own the future.”
Saylor also urged the incoming administration to take the lead in establishing a digital assets framework, outlining clear definitions of different entities and fixing the responsibilities of participants.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,904.08, down 3% in the last 24 hours, according to data from Benzinga Pro.
Image via Michael
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