Michael Sero defends Americans 'right to promote Bitcoin

Strategy Executive Chairman Michael Saylor defends unlicensed promotion of Bitcoin, clearly distinguishing between public advice and fraud.

Strategy Executive Chairman Michael Saylor recently reiterated that U.S. citizens have the right to discuss, advocate and publicly recommend Bitcoin without having a specific license. He emphasized that legitimate public advocacy should be strictly distinguished from illegal fraud and market manipulation.

Summary of Core Views

• Thaler points out that Americans do not need permission to discuss or publicly recommend Bitcoin.
• Strategy Chairman defines Bitcoin as a "commodity" rather than a "security."
• The Senate will hold a procedural vote on the CLARITY Act on September 15. The motion requires at least 60 votes to enter debate.
• After suspending purchases for about 10 weeks, Strategy recently spent US$369.7 million to purchase 4,603 bitcoins.

Draw a line between Bitcoin advocacy and fraud

According to content released on the X platform on September 4, Selle argued that in the United States, discussing Bitcoin, advocating its adoption and recommending possession are legal activities. "In the United States, you don't need any license to discuss Bitcoin, speak out for it, or publicly recommend that people have it."

Subsequently, the Strategy Chairman clarified the line between promoting assets and engaging in illegal trading practices. "Bitcoin is a commodity, not a security. Fraud and manipulation are illegal." He added.

It is worth noting that Siler did not point to specific law enforcement cases, regulatory proposals or controversial incidents in his post. Instead, his statement aims to show that public advocacy of Bitcoin should be independent of actions that could trigger existing anti-fraud and market manipulation laws.

This description of Bitcoin as a commodity is also in line with the long-standing position of the U.S. Commodity Futures Trading Commission (CFTC). The agency claims jurisdiction over Bitcoin fraud and manipulation involving interstate trade, but its direct regulatory powers are broader in the derivatives market. At the same time, the U.S. Securities and Exchange Commission (SEC) has approved spot Bitcoin exchange-traded products (ETP) to be traded on U.S. exchanges, allowing U.S. investors to access Bitcoin exposure through regulated brokerage accounts. However, the SEC made it clear that approving such products is not the same as endorsing their underlying assets.

Thaler's statement was primarily at the level of public discussion, rather than the legal obligations individuals may face when selling securities, managing funds, providing personalized investment advice, or making misleading statements. His post did not claim that free speech protections exempt fraud, manipulation or other prohibited behavior. In addition, in some cases, public promotion does come with disclosure obligations. The SEC has previously sued celebrities for promoting tokens deemed securities without disclosing remuneration, but Siler's post specifically targeted Bitcoin, which he defines as a commodity.

Bitcoin classification remains the focus of the CLARITY Act debate

In Washington, lawmakers are still considering legislation that aims to define how the SEC and CFTC divide liability for digital assets. The Senate is scheduled to hold a procedural vote on the CLARITY Act at 2:15 pm EST on September 15. The move to advance requires the support of at least 60 senators, which would put the bill in the debate and amendment stages rather than sending it directly to the president for signature.

The Republican Party currently holds 53 Senate seats, which means that even if all Republicans vote to advance the bill, it will still need the support of Democrats to pass. According to recent reports, opposition within the Republican Party may increase the number of votes needed.

Under the proposed framework, digital commodities would generally fall under the CFTC's spot market jurisdiction, while assets provided as investment contracts would remain covered by the SEC's securities jurisdiction. Registered digital commodity exchanges, brokers and dealers will also face federal operating and compliance requirements. Bitcoin is the clearest asset to be classified as a commodity, so Siler's classification proposition is consistent with the core of the policy framework, although his brief post did not mention specific provisions in the CLARITY Act or the Appeal Act.

Lawmakers continue to negotiate ethics provisions, stablecoin rewards and protections for developers who do not control customer assets. Proponents say federal regulations will replace regulatory uncertainty with written divisions of powers, while critics question consumer protection, illegal financial activity and expanded exemptions for decentralized software.

Sheriff's Association withdraws opposition before vote

The National Sheriffs 'Association has changed its stance on the CLARITY Act from opposition to neutrality, removing a source of resistance less than two weeks before the scheduled voting day. According to related reports, the association's chairman, Sheriff Troy Wellman, and Executive Director Justin Smith, disclosed this new position in letters on September 3 to Senate Majority Leader John Thuan and Minority Leader Chuck Schumer.

The group has previously opposed protections for non-controlling developers and software providers, arguing that parts of the legislation could hinder investigations of illegal activity through the decentralized financial system. The neutral position allows Congress to continue advancing the bill without formal opposition from the organization, but it does not constitute endorsement of the bill.

Senator Cynthia Loomis welcomed the decision on Platform X and urged the Senate to move forward with the measure. Loomis has long argued that the legislation would provide law enforcement with more resources to track down crypto crimes, while imposing anti-money laundering obligations on covered intermediaries. Section 10604 of the Senate text states that as long as developers do not have the legal rights and unilateral ability to control users 'transactions, they should not be considered a money transfer business simply because they create certain software or infrastructure. Proponents of the provision say existing anti-money laundering, wire fraud, sanctions violations and terrorist financing laws remain in effect. Several law enforcement organizations have supported the bill or taken a neutral stance, while other groups have sought narrower protection and more investigative powers.

Even if the Senate passes the September 15 motion, senators will still have to debate the amendment and vote on the final version. Any changes to the House approval text also require House action before legislation can reach the president.

Strategy resumes Bitcoin purchases, increasing its holdings of 4,603 BTC

In sync with Siler's public advocacy, Strategy returned to the Bitcoin market after about 10 weeks of net buying interruption. A filing filed with the SEC on August 31 showed that Strategy purchased 4,603 bitcoins between August 24 and August 30. The company spent approximately $369.7 million, with an average price of $80,318 per Bitcoin (including fees and expenses).

The acquisition increased its position from 840,447 bitcoins to 845,050 bitcoins. According to filings, the total amount paid by the company for the position was $63.73 billion, with an average purchase price of $75,412 per coin.

Strategy funded its latest acquisition by selling MSTR common stock, which generated net income of approximately $602.8 million during the reporting period. The company also spent $151.8 million to buy back STRC preferred shares and increased its unrestricted U.S. dollar reserves by $30 million.

CEO Phong Le later stated that the company evaluates Bitcoin transactions based on its cost of capital rather than the price of the cryptocurrency itself. In explaining Strategy's "cost of capital approach," Le pointed out that the financing conditions make it appropriate to buy at $80,000 even after the selling price approaches $60,000.

At the close on September 4, MSTR shares were quoted at $142.80, down about 1.5% from the previous trading day. The U.S. -only stock traded intraday lows of $135.41 and highs of $144.39, with about 26.3 million shares changing hands.