Bitcoin can continue gaining institutional adoption in the U.S. financial system even without new congressional legislation, according to Strategy Executive Chairman Michael Saylor. After the Senate failed to advance the CLARITY Act, Saylor outlined his expectation that regulators, banks, and capital markets can move forward under existing rules.
On September 16, Saylor stated: "With CLARITY stalled, I expect the SEC, CFTC, and Treasury to advance rules under existing law, banks to expand bitcoin custody and loans against it, and more capital to favor bitcoin and digital credit. GENIUS supports stablecoin adoption. Progress need not wait for Congress."
His comments followed the Senate's rejection of cloture on H.R. 3633 in a 49-50 vote the previous day. The legislation would have established a regulatory framework for the Securities and Exchange Commission and Commodity Futures Trading Commission to oversee digital commodity markets.
Regulators Already Moving Forward
Federal agencies have continued advancing crypto rules independently. On August 18, the SEC proposed Regulation Crypto Assets, which would create new exemptions and regulatory conditions for certain investment contracts involving crypto assets. The Treasury Department separately opened proposed rulemaking for the GENIUS Act on August 17, seeking public comment on rules governing payment stablecoins in the United States.
These regulatory actions demonstrate that the crypto regulatory environment can evolve without comprehensive market structure legislation, supporting Saylor's broader argument that bitcoin's institutional integration does not depend on Congress.
Banks and Financial Institutions as Growth Channels
Saylor emphasized banks as a major vehicle for bitcoin's next phase of institutional expansion. He expects financial institutions to increase bitcoin custody services and offer loans secured by the asset, extending crypto further into conventional banking and credit markets.
Bitcoin custody allows institutions to hold the asset for customers, while bitcoin-backed lending enables borrowers to use bitcoin as collateral without selling it. Strategy, led by Saylor, held 845,050 BTC as of September 13 and has repurchased $139 million of STRC, one of its bitcoin-linked credit products.
