Michael Saylor of Strategy has voiced strong support for the US government to establish a clear and formal crypto taxonomy. His goal is to define when a security can be tokenized and to distinguish between digital securities and commodities.
During Strategy’s Q2 earnings call, Saylor emphasized the importance of fixing the digital asset classification to benefit market participants. He highlighted the need to clarify the circumstances under which securities can be tokenized, what qualifies as a digital security, and how digital commodities and tokens differ.
The push for regulatory clarity follows prolonged disputes between the crypto sector and the Securities and Exchange Commission (SEC), which has created uncertainty around the status of crypto assets as securities. Without precise definitions, ambiguity persists about who is authorized to issue tokens and under what conditions.
To address these issues, the SEC has created a Crypto Task Force to tackle classification challenges within the industry.
Government Efforts to Define Crypto Rules
Saylor’s remarks coincide with the White House Working Group on Digital Asset Markets urging federal regulatory agencies to promptly clarify crypto-related regulations. These include areas such as custody, trading, registration, and record-keeping requirements.
SEC Chair Paul Atkins acknowledged in a recent speech that much of the innovation in tokenization is happening internationally due to regulatory hurdles in the US. Nonetheless, he mentioned that numerous companies have approached the SEC seeking permission for tokenization, and he has instructed staff to consider granting regulatory relief where suitable to help maintain US competitiveness.
Pending Legislation to Improve Crypto Definitions
Congress is preparing to review the Digital Asset Market Clarity Act of 2025, a bill intended to provide a comprehensive framework for businesses aiming to issue, trade, or tokenize assets on blockchain networks. Saylor envisions an efficient system where millions of businesses could launch tokens within hours at an accessible cost.
Robinhood’s Focus on Tokenization and Private Markets
Robinhood is actively investing in crypto tokenization, especially in expanding access to private markets for average US investors. CEO Vladimir Tenev shared this strategy during the company’s Q2 earnings call, highlighting opportunities that previously were unavailable and mentioning ongoing collaborations with regulators to make these possibilities a reality.
Robinhood has already issued private equity-style tokens in Europe similar to shares of companies like OpenAI and SpaceX. However, their offerings have faced scrutiny, including a legal inquiry in Lithuania and warnings from OpenAI regarding misleading token representation.
