Emre Yumlu 
As the crypto market continues its rapid growth in recent years, regulatory uncertainty remains one of the biggest obstacles facing the industry. Most recently, a notable call for reform came from Michael Saylor, founder and executive chairman of Strategy. Saylor urged the U.S. government to clearly define the difference between digital securities and digital commodities, and to establish precise conditions under which securities can be tokenized.
A Clear Digital Asset Classification is Essential
Speaking during Strategy’s second-quarter earnings call, Saylor emphasized the importance of a well-defined classification system for digital assets, stating:
“In my opinion, the greatest contribution to the market would come from clarifying the taxonomy of digital assets.”
He pointed to several critical questions that still need answers:
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Under what conditions can a security be tokenized?
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What exactly constitutes a digital security?
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What distinguishes an asset with no issuer from a digital token?
Until regulators provide clear answers to these questions, Saylor warned that regulatory confusion in the crypto space will continue to pose serious challenges. He also noted that the U.S. Securities and Exchange Commission (SEC) has already formed a Crypto Task Force in an effort to address some of these uncertainties.
White House and SEC Begin to Respond
Saylor’s remarks come at a time when the White House Working Group on Digital Asset Markets has also begun pushing for clearer guidelines. In a statement released Wednesday, the group urged federal regulators to take faster action on key issues such as custody, trading, registration, and recordkeeping for crypto assets.
On Thursday, SEC Chairman Paul Atkins acknowledged that much of the innovation around tokenization is happening outside the United States due to existing regulatory hurdles. However, he revealed that numerous companies are currently “lined up at our doors with tokenization requests.” In response, Atkins said he has directed SEC staff to “offer relief where appropriate” to ensure that the U.S. remains competitive in the evolving digital asset landscape.
Crypto Legislation on the Horizon
In parallel with these regulatory developments, the U.S. Congress is working on a new legislative proposal aimed at clarifying key definitions in the crypto industry. Titled the Digital Asset Market Clarity Act of 2025, the bill is scheduled for review in Congress this September.
Saylor expressed strong support for this initiative, saying it could create a comprehensive framework not only for the crypto sector but also for traditional businesses. He even envisioned a scenario where 40 million businesses could issue a token in just four hours for $40, underscoring the transformative potential of blockchain technology in bridging digital assets and real-world finance.
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