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MicroStrategy co-founder Michael Saylor proposes a comprehensive crypto framework to increase the digital asset market’s valuation from $1 trillion to $590 trillion.  Meanwhile, critic Peter Schiff believes that these proposals would rather make “America a laughing stock.”  MicroStrategy’s Michael Saylor has proposed a comprehensive framework to successfully and adequately integrate digital assets into the US financial system. According to the document, Saylor pushes for regulatory clarity, interoperability, and governance standards to encourage broader adoption of digital assets within the region. Throwing more light on this, the framework highlighted plans to increase the global digital capital markets to $280 trillion from $2 trillion. Additionally, Saylor proposes plans to catapult the digital asset market from $1 trillion to $590 trillion. On the Bitcoin strategic reserve for the US, the framework suggests that a successful establishment could create “$16 to $81 trillion in wealth for the US Treasury.” Fascinatingly, this is reported to be a way to mitigate the existing national debt. A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy. Apart from these proposals, the framework, which focuses on six distinct categories (digital commodities, digital securities, digital currencies, digital tokens, non-fungible tokens (NFTs), and asset-backed tokens,) also defined the roles of issuers, exchanges, and owners. The framework also makes provision for a compliance approach and the limit of compliance cost with a maximum of 1% of the assets under management for token issuance. Most importantly, digital asset regulations are cautioned to focus on efficiency and innovation rather than bureaucracy and friction. Source: MicroStrategy More About the Crypto Framework and the Disagreement The framework further seeks to reduce issuance costs from millions to thousands. It also seeks to increase access to the market from 4,000 public…

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Filed under: News - @ December 23, 2024 9:27 pm