Michael Saylor, executive chairman of Strategy, presented a framework called a "bill of digital rights" at the Bitcoin Policy Institute's Freedom Tech DC summit. The proposal centers on five core principles: the rights to create, issue, custody, transfer, and use digital assets.
Saylor framed the initiative as a potential solution to capital formation constraints. Of roughly 40 million businesses in the United States, only about 400 can effectively access public capital markets—a rate of 0.001%. His proposal suggests that digital tokens could serve as an alternative on-ramp for smaller companies seeking to raise capital directly from investors, bypassing traditional initial public offering processes.
Streamlined Framework vs. Existing Legislation
Saylor contrasted his proposal with the CLARITY bill, which runs approximately 630 pages. He characterized his framework as deliberately minimal, comprising five core rights focused on empowerment rather than restrictions.
He connected the digital rights framework to artificial intelligence, suggesting that the combination of AI and frictionless capital formation could enable a new class of lean, fast-moving enterprises.
Banking and Bitcoin Custody
The proposal addresses regulatory obstacles affecting financial institutions. Saylor highlighted the Basel 1,250% risk weighting applied to crypto assets, which requires banks to hold substantial capital reserves against Bitcoin on their balance sheets. This weighting, he argued, makes custody and lending activities economically unfeasible for traditional financial institutions.
Saylor also emphasized self-custody rights, ensuring individuals can hold digital assets without mandatory reliance on third-party custodians.
Stablecoins and Digital Assets
The framework extends to stablecoins, with Saylor stressing the potential for competitive yields on digital assets as stablecoin legislation advances in Congress.
