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BTC Sayer: U.S. citizens can discuss or promote Bitcoin without permission.
Michael Sayer, executive chairman of MicroStrategy and a prominent Bitcoin supporter, pointed out that U.S. citizens do not need to obtain a license when talking about Bitcoin, encouraging its use, or publicly recommending holding Bitcoin. He emphasized that given that Bitcoin is defined as a commodity, public discussion or advocacy of it should be protected, while fraud and market manipulation remain prohibited.
Clarifying the legal environment in the United States
Sayer focused on distinguishing between "talking about Bitcoin" and "engaging in regulated financial services activities." He insisted that free expression of views about Bitcoin holdings should not be limited by regulatory permission or supervision. This stance reflects the evolving regulatory landscape in the United States, in which regulators increasingly recognize Bitcoin's status as a commodity rather than a security.
Sayer said: "In the United States, no license is required to discuss Bitcoin or advocate its adoption, as long as fraud or market abuse is not involved." Free expression of support for Bitcoin or recommendation to hold Bitcoin falls within a protected category of free speech as long as fraud or attempts to manipulate the market are not involved.
In March 2026, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) issued a joint interpretation that clearly listed Bitcoin as a "digital commodity." This continues the CFTC's long-standing position of treating Bitcoin as a commodity. Bitcoin futures and derivatives are regulated by the CFTC, while the Bitcoin spot market is handled differently, meaning the CFTC only intervenes in cases involving fraud or manipulation.
This distinction provides greater clarity. Over the past few years, different U.S. regulators have sometimes disagreed on how to define and govern crypto assets. Sayer's remarks emphasized the consistency of recent regulations rather than citing new developments in Bitcoin.
Differences in global regulatory approaches
While the United States has adopted a relatively loose stance in public discussion and advocacy about Bitcoin, practices around the world are vastly different. For example, in the UK, Bitcoin itself is not classified as a security, but when promotions are targeted at consumers, the Financial Promotion Law covers a wide range of crypto-assets, including Bitcoin.
Starting from October 2023, organizations promoting cryptocurrencies to UK consumers must comply with strict rules enforced by the Financial Conduct Authority (FCA), which has the authority to take action against illegal promotions. In Singapore, the Monetary Authority of Singapore warned cryptocurrency companies not to directly advertise their services to the public, reflecting concerns about the risks of retail cryptocurrency trading. Canadian regulations allow private discussions and holding of cryptocurrencies; however, companies that provide cryptocurrency trading services must register and comply with securities rules.
These regulatory differences mean that US-based companies may have greater flexibility in combining their brands with Bitcoin advocacy than companies operating in the UK or Singapore. British authorities have previously fined violations of promotion rules, underscoring their determination to intervene when crossing the border.
Sayer said this regulatory approach could make the United States a more attractive choice for companies focusing on Bitcoin education, media and advocacy. However, as cryptocurrencies become increasingly integrated into the mainstream financial system, regulators around the world need to determine how to strike a balance between freedom of speech and consumer protection.
Sayer also commented that Bitcoin may experience another round of price increases in the near future, and attributed potential growth to continued demand from institutions and businesses absorbing existing supply.
