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BTC Michael Saylor: The failure of the CLARITY Act is not the end of Bitcoin's institutional expansion
Michael Saylor does not view the blockage of the CLARITY Act in the Senate as a signal that the institutionalization of Bitcoin is over. Strategy's executive chairman expects U.S. regulators to continue to advance the development of crypto regulatory rules as traditional banks become increasingly involved in Bitcoin custody, lending and other digital asset services. That position is consistent with what he previously expressed shortly after the Senate vote: "The only clarity you need is Bitcoin." Strategy has separately pointed out that Bitcoin has had legal and regulatory clarity in the United States for years.
Although the CLARITY bill failed, the pace of supervision has not stopped.
In a procedural vote, the Senate voted 49 - 50 to move the CLARITY bill forward, one step away from the required 60 votes. This setback has deprived the broader cryptocurrency industry of the comprehensive market structural framework it has been pursuing for years. After the news came out, Bitcoin prices responded quickly, once falling below the US$75,000 mark.
However, the regulatory process does not stop at Congress. Securities and Exchange Commission (SEC) Chairman Paul Atkins said before the vote that even if the legislation stalled, the agency intends to continue to advance crypto rulemaking, with modernization of crypto issuance, custody and transfer agents as its main priorities.
Banking may become a larger Bitcoin narrative
塞勒观点中更具吸引力的部分在于银行业。与其等待国会通过一部全面的加密法律，比特币的采用有望通过现有的金融机构持续深化，前提是监管机构围绕托管及其他服务建立起明确的规则。
目前已有迹象表明这种转变正在发生。监管发展的重点日益倾向于将数字资产整合进传统金融服务之中，包括托管、交易和信贷产品。这一点至关重要，因为银行托管将使机构和富裕客户能够更便捷地通过他们已有的金融公司持有比特币。比特币支持的借贷服务则能将整合推向新的高度，允许BTC作为抵押品发挥作用，而不仅仅是一种存放在钱包中的投资资产。
塞勒的赌注未曾改变
数月来，塞勒一直强调，比特币的未来并不取决于《CLARITY法案》。今年8月，他总结了自己的立场：“比特币不需要CLARITY，需要的是美国。”随着该法案实际未能获得推进，这一区分显得尤为重要。
尽管这一挫折可能会延缓综合性立法的进程，但这并不必然阻止监管机构制定单项规则，也不妨碍银行扩展其加密业务。对于其公司Strategy仍位列全球最大企业级比特币持有者之一的塞勒而言，这才是更大的故事所在。
