Saylor asks the US to buy between 5% and 25% of the total Bitcoin supply in 20 years, making him the richest man
He proposed that the first category include tokens used for capital creation, which are backed by specific issuers and designed to raise funds
According to sources familiar with the matter, before cameras went live at the summit on March 7, attendees were given the chance to pitch crypto policy ideas to White House officials and regulators, led by Crypto Czar David Sacks.
Saylor used the opportunity to advocate for a federal Bitcoin acquisition strategy, suggesting the government purchase between 1.05 million and 5.25 million BTC in the coming decades.
In an X post Wednesday, Deaton said the strategy is just a way for Saylor to drive Bitcoin’s value high so that he can get richer through financial intelligence firm Strategy’s holdings of 499,096 BTC, according to Bitbo data.
Will the US government buy Bitcoin?
Saylor’s push for government expenditure on BTC will have to face several “barriers” in the name of liberal policymakers and other crypto communities, like XRP. The US Constitution grants Congress the power of the purse, meaning any such expenditure would require congressional approval.
Some Bitcoin advocacy groups have reportedly attempted to find ways around this restriction. Recent reports suggest that multiple organizations have drafted executive order proposals that could provide legal loopholes to allow the executive branch to proceed with Bitcoin purchases without direct congressional authorization.
During the Summit, Saylor also presented a framework for categorizing digital assets aimed at clarifying regulatory oversight. According to leaked notes from the White House, he suggested dividing cryptocurrencies into four categories based on their intended use and backing.
He proposed that the first category include tokens used for capital creation, which are backed by specific issuers and designed to raise funds. A second category would cover tokens backed by securities and commodities, such as exchange-traded funds (ETFs) and stablecoins.
The third classification would consist of digital currencies intended for transactions and payments. The final category would encompass tokens used for capital preservation, a designation he believes fits Bitcoin.
Saylor propounded that applying this classification system would bring much-needed regulatory clarity, resolving disputes over whether certain digital currencies should be treated as securities or commodities. His proposal reiterates the sentiment of industry leaders seeking clearer guidelines from the Securities and Exchange Commission (SEC) and other financial watchdogs.
