Michael Siler says in the United States, advocating Bitcoin is free speech

Michael Saylor: In the United States, advocating Bitcoin is free speech

Michael Saylor points out that U.S. citizens do not need a license to discuss Bitcoin, promote its use, or publicly recommend holding it. He argued that Bitcoin was a commodity rather than a security, and that fraud and market manipulation remained illegal. Siler's remarks drew a clear line between "promoting Bitcoin" and "financially regulated activities." He believes that talking about Bitcoin or expressing the view that people should hold Bitcoin should be seen as protected free speech, rather than a matter that requires regulatory approval.

Summary of core views:

• In the United States, no license is required to discuss, advocate, or publicly recommend holding Bitcoin.
• Bitcoin is defined as a commodity, not a security.
• Fraud and market manipulation are illegal.
• The promotion of Bitcoin belongs to the category of freedom of speech.

Bitcoin's commodity attributes are more meaningful to the market

Thaler's remarks come at a time when the United States is further treating Bitcoin as a given commodity at the policy level. Although the U.S. Commodity Futures Trading Commission (CFTC) has long classified Bitcoin as a commodity, the joint explanation issued by the U.S. Securities and Exchange Commission (SEC) and the CFTC in March 2026 went one step further and clearly included Bitcoin in the list of "digital commodities."

Under current rules, bitcoin futures and other derivatives are regulated by the CFTC, while the spot bitcoin market is treated differently. The CFTC said it has enforcement powers over fraud and manipulation in the spot bitcoin market, but does not fully regulate the spot market as it regulates the futures market. This distinction makes the line between "owning or talking about Bitcoin" and "running a regulated financial business." Compared with a few years ago, when U.S. regulators were divided on the characterization of cryptocurrencies, today's regulatory environment is clearer. Therefore, Siler's remarks reflect more a change in this regulatory trend than an announcement of new news about Bitcoin.

Regulatory differences in Bitcoin advocacy around the world

The United States is relatively lax in discussing Bitcoin, but other major markets draw stricter boundaries once personal opinions are translated into commercial promotion. For example, in the UK, although Bitcoin itself is not considered a security, the financial promotion rules for qualified crypto assets also apply to Bitcoin. Starting from October 2023, the promotion of cryptocurrencies to UK consumers must meet specific legal requirements, and the UK's Financial Conduct Authority (FCA) has the authority to take action against companies that illegally promote cryptocurrencies.

In addition, the Monetary Authority of Singapore (MAS) has warned cryptocurrency companies not to promote their services to the public, indicating that it believes cryptocurrency trading is risky to retail investors. Canada allows individuals to own and discuss cryptocurrencies, but companies that provide cryptocurrency trading services are subject to registration and security-related regulations. Therefore, Thaler's point is not about whether other countries allow people to talk about Bitcoin, but about how much commercial promotion people are allowed.

Business opportunities and challenges brought about by regulatory differences

Differences in how countries handle Bitcoin also bring different opportunities to businesses in different countries. Companies operating in the United States may have more room to brand around Bitcoin; companies like those serving retail customers in the UK or Singapore must be extra cautious when marketing cryptocurrencies. The UK has taken enforcement action against the promotion of illegal cryptocurrencies, demonstrating that regulators are willing to intervene when promotion activities cross the line.

This regulatory environment may make the United States more attractive to businesses focused on bitcoin, especially those that rely heavily on education, media, and public advocacy. As cryptocurrencies gain popularity in traditional finance, regulators will have to decide how much freedom individuals, businesses and Internet celebrities should have when promoting cryptocurrencies. It is expected that countries will continue to maintain a clear line between "talking about Bitcoin" and "selling it as a financial product" in the future.

It is worth noting that Siler said that as institutional and corporate demand continues to absorb the natural supply of the market, Bitcoin may be poised to usher in another round of strong gains.