Michael Saylor Advocates for Crypto Taxonomy

Michael Saylor from Strategy has urged the US to establish a clear crypto taxonomy to define the characteristics of tokenized securities and digital assets.

> “My opinion is it would be beneficial to the market if they nail down the digital assets taxonomy,” Saylor mentioned during the second-quarter earnings call on Thursday.

He raised essential questions about tokenization: When can a security be tokenized? What defines a digital security? How does one distinguish between a digital commodity and an asset without an issuer?

Saylor emphasized that confusion remains about who can issue what under existing regulations, especially after ongoing disputes with the Securities and Exchange Commission (SEC) regarding the classification of crypto assets. The SEC has initiated a Crypto Task Force to address these uncertainties.

Regulatory Actions by the White House and SEC

Saylor’s remarks align with the White House Working Group on Digital Asset Markets, which called for federal regulators to hasten the clarification of rules concerning custody, trading, registration, and record-keeping in the crypto space.

SEC Chair Paul Atkins noted that regulatory challenges in the US are pushing much of the tokenization innovation offshore. Despite this, he stated that many companies are eager to tokenize their assets, and he has urged SEC staff to provide relief where appropriate to keep the US competitive in the evolving digital asset landscape.

Upcoming Legislative Developments

The US Congress is set to review the Digital Asset Market Clarity Act of 2025 in September, which Saylor believes could establish a rich framework for the crypto industry and assist businesses in tokenizing assets.

> “In the ideal world, 40,000,000 businesses would be able to issue a token in four hours for $40,” he added.

Robinhood’s Focus on Tokenization

In related news, Robinhood is making significant investments in crypto tokenization, aiming to unlock private market access for US investors. CEO Vladimir Tenev remarked that private markets present new opportunities, and the company is working with regulators to facilitate this.

Robinhood has already introduced private equity tokens in Europe, resembling shares from companies like OpenAI and SpaceX. However, these tokenization efforts have raised legal inquiries in Lithuania, and OpenAI cautioned that Robinhood’s OpenAI token is not linked to its actual equity.