Michael Saylor Expects US Crypto Rules to Advance Despite CLARITY Act Stall

Michael Saylor expects U.S. crypto regulation and Bitcoin banking services to advance despite the Senate’s CLARITY Act setback.

Michael Saylor, executive chairman of Strategy, says the United States can continue moving toward clearer cryptocurrency rules even after the Senate failed to advance the CLARITY Act. He also expects banks to expand Bitcoin custody and lending as regulators establish clearer operating frameworks.

The Senate rejected a procedural motion on September 15 by a 49-50 vote, falling short of the 60 votes required to advance the bill. The result stalled the most significant congressional effort to create a broad U.S. digital-asset market structure framework this year.

Saylor Says Bitcoin Can Move Ahead Without CLARITY

Saylor has repeatedly separated Bitcoin’s regulatory position from the broader digital-asset market. After the Senate setback, he reiterated that Bitcoin itself does not depend on the CLARITY Act.

Strategy has argued that Bitcoin already has several forms of established U.S. treatment: the Commodity Futures Trading Commission has treated bitcoin as a commodity, the IRS treats it as property for tax purposes, and the Securities and Exchange Commission has approved spot Bitcoin exchange-traded products.

That does not mean the U.S. crypto market has comprehensive regulatory certainty. Instead, Saylor’s argument is that Bitcoin can continue developing while lawmakers debate rules for other digital assets, stablecoins, decentralized finance and crypto market intermediaries.

Regulators Can Keep Writing Crypto Rules

The SEC has taken steps in 2026. In March, the agency issued an interpretation addressing how federal securities laws apply to certain crypto assets and transactions. In August, it proposed “Regulation Crypto Assets,” including tailored exemptions for certain crypto investment-contract offerings and a conditional safe harbor.

SEC Chairman Paul Atkins said the agency’s work is intended to provide clearer pathways for crypto entrepreneurs while Congress works on a longer-lasting legislative framework. He also said legislation remains important because statutory rules can provide greater durability than agency action alone.

That distinction is central to the current debate. Regulation through agencies can continue, but a law such as CLARITY could establish broader rules that are harder for future administrations to reverse.

Banks Could Expand Bitcoin Custody

Saylor has also spent years predicting that large financial institutions will increasingly offer Bitcoin custody.

His argument is straightforward: many investors and institutions prefer regulated financial intermediaries to manage significant assets. If banks can safely custody Bitcoin, Saylor expects them to build additional services around it, including wealth-management products and credit.

That trend has already begun in parts of the U.S. banking system. Federal banking regulators have removed several earlier barriers to banks engaging in permissible crypto-related activities. The OCC has confirmed that national banks and federal savings associations can provide or outsource cryptocurrency custody and execution services, subject to applicable requirements and risk controls.

The development matters because custody can be the foundation for additional financial products. Banks that hold digital assets for customers can potentially develop lending, collateral-management and settlement services around those holdings.

Bitcoin-Backed Loans Are the Next Step

Saylor has previously described Bitcoin-backed credit as an important part of Bitcoin’s financial infrastructure. In his view, banks could eventually allow customers to pledge Bitcoin as collateral for loans rather than selling the asset.

That model would connect Bitcoin to traditional credit markets. Investors could potentially access liquidity while maintaining exposure to the underlying asset, although borrowing against a volatile asset also introduces liquidation and leverage risks.

Saylor has said major banks are increasingly examining Bitcoin products. His comments should be understood as his assessment of industry direction rather than confirmation that every major bank is preparing a specific Bitcoin lending product.

What the CLARITY Setback Changes

The failed Senate vote creates uncertainty over when Congress will establish a comprehensive market-structure law. The bill is not necessarily permanently dead, but the September vote removes the immediate legislative path that supporters had been pursuing.

For crypto companies, that means agency rulemaking and existing banking guidance could become even more important in the near term. It also leaves unresolved questions about stablecoin rewards, DeFi regulation, federal jurisdiction and consumer protections.

Meanwhile, the SEC continues its crypto rulemaking agenda, demonstrating that regulatory development does not depend entirely on congressional passage.

A Two-Track Future for US Crypto

The current environment points toward two parallel tracks. Congress could eventually return to market-structure legislation, while regulators continue creating rules under existing authority.

Saylor’s outlook emphasizes the second track. He expects Bitcoin adoption and financial integration to continue even without immediate legislative success.

For banks, the direction of regulation will remain important. Greater clarity around custody, capital requirements, compliance and collateral could influence how quickly institutions introduce Bitcoin-related services.

The CLARITY Act’s failure therefore represents a setback for comprehensive legislation, but not necessarily an end to U.S. crypto regulatory development. Bitcoin’s institutional infrastructure can continue expanding while Washington works toward a broader statutory framework.