tl;dr
Michael Saylor urged the US government to create a formal crypto taxonomy to clarify definitions around tokenized securities, digital securities, and commodities, aiming to resolve market confusion. The crypto industry has long sought explicit legal definitions amid SEC disputes. The SEC formed a Cr...
Michael Saylor, during Strategy’s second-quarter earnings call, urged the US government to develop a formal crypto taxonomy. He emphasized that clear definitions are crucial for distinguishing when a security can be tokenized and what qualifies as a digital security or commodity. Saylor highlighted the market benefits such clarity would bring, including resolving confusion about who can issue which assets and under what conditions.
The crypto industry has long pressured regulators for explicit legal definitions, particularly following prolonged disputes with the Securities and Exchange Commission (SEC) over whether various crypto assets should be classified as securities. The SEC has established a Crypto Task Force to tackle some of these uncertainties. Recent steps by the White House Working Group on Digital Asset Markets called for federal agencies to accelerate regulatory clarity concerning custody, trading, registration, and record-keeping of digital assets.
SEC Chair Paul Atkins acknowledged that much of the tokenization innovation is migrating offshore due to US regulatory hurdles. He revealed that numerous companies have approached the SEC seeking to tokenize assets and that the agency is willing to provide regulatory relief to maintain the country's competitive stance in the evolving digital asset landscape.
Congress is also stepping in with the proposed Digital Asset Market Clarity Act of 2025, scheduled for review in September. Saylor views this legislation as a framework that could significantly enhance the crypto industry’s operational environment, allowing businesses to issue tokens quickly and cost-effectively on-chain.
On the corporate front, Robinhood is making bold strides in crypto tokenization, aiming to democratize access to private markets for everyday US investors. CEO Vladimir Tenev shared that the company is collaborating with regulators to facilitate these opportunities. Robinhood has already launched private equity tokens in Europe resembling shares of high-profile companies such as OpenAI and SpaceX. However, this initiative has encountered legal scrutiny in Lithuania, and OpenAI has clarified that Robinhood’s token does not represent its actual equity.