Saylor Meets SEC's Crypto Task Force: Proposes Cost Caps, Clear Definitions

Strategy CEO Michael Saylor recently met with the U.S. Securities and Exchange Commission's (SEC) Crypto Task Force to discuss regulatory reforms in the digital asset industry. The meeting, held on Friday, focused on strategies to support innovation and protect crypto holders' rights, as outlined in a memo from the event.

Saylor, a prominent figure in the U.S. crypto scene, presented several proposals aimed at reducing costs and time constraints related to issuing and listing tokens in the U.S. He suggested capping asset-issuing expenses at 1% of businesses' assets under management and limiting the cost of maintaining asset listings to 10 basis points per year.

In addition to these proposals, Saylor emphasized the need for federal regulators to establish clear definitions for various classes of digital assets, including non-fungible tokens, stablecoins, tokenized real-world assets, and meme coins. He also argued for regulators to clarify the rights and responsibilities of crypto businesses and holders.

The SEC's Crypto Task Force was created last month under the leadership of SEC Commissioner Hester Pierce. The initiative aims to foster collaboration between crypto firms and regulators on regulatory guidelines for the U.S. digital assets industry. Since its debut, the task force has held meetings with several major players in the crypto industry, including Robinhood and the Crypto Council for Innovation.

The meeting with Saylor comes as the SEC begins to relax its stance against the asset class under a new regime headed by acting chair Mark Uyeda. Earlier this month, the Commission announced it was dropping its legal complaint against trading platform Coinbase, and it also abandoned an investigation into Robinhood's crypto trading arm. These developments have fueled rumors that regulators might soon abandon enforcement actions against other digital asset firms.