Strategy Executive Chairman Michael Saylor has defended Americans’ ability to advocate for Bitcoin without a license, while separating public recommendations from fraud and market manipulation.
Summary
- Saylor said Americans do not need a license to discuss or publicly recommend Bitcoin.
- The Strategy chairman described Bitcoin as a commodity rather than a security.
- The CLARITY Act faces a 60-vote procedural test in the Senate on Sept. 15.
- Strategy recently bought 4,603 BTC for $369.7 million after pausing purchases for about 10 weeks.
According to a Sept. 4 X post, Saylor argued that discussing Bitcoin, advocating for its adoption, and recommending ownership are permitted activities in the United States.
Michael Saylor separates Bitcoin advocacy from fraud
“In America, you don’t need a license to discuss Bitcoin, advocate for it, or publicly recommend owning it,” Saylor wrote.
The Strategy chairman then drew a line between promoting the asset and engaging in illegal trading practices.
“Bitcoin is a commodity, not a security. Fraud and manipulation are illegal,” he added.
Saylor did not point to a specific enforcement case, regulatory proposal, or dispute in his post. Instead, his statement presented public Bitcoin advocacy as separate from conduct that can trigger action under existing fraud and market-manipulation laws.
His description of Bitcoin as a commodity also follows the position long taken by the Commodity Futures Trading Commission. The agency has asserted authority over fraud and manipulation involving Bitcoin in interstate commerce, while its direct regulatory powers are more extensive in derivatives markets.
The Securities and Exchange Commission has separately allowed spot Bitcoin exchange-traded products to trade on U.S. exchanges. Approval of those products gave American investors access to Bitcoin exposure through regulated brokerage accounts, although the SEC has said approving an exchange-traded product does not amount to endorsing its underlying asset.
Saylor’s statement concerns public discussion rather than the legal duties that may apply when a person sells securities, manages money, provides personalized investment advice or makes misleading claims. His post did not claim that free speech protections exempt fraud, manipulation, or other prohibited conduct.
Public promotion can also carry disclosure duties in certain circumstances. The SEC has previously brought cases against celebrities who promoted tokens treated as securities without revealing compensation, but Saylor’s post dealt specifically with Bitcoin, which he described as a commodity.
Bitcoin classification remains part of the CLARITY Act debate
In Washington, lawmakers are still considering legislation that would define how the SEC and CFTC divide responsibility for digital assets.
The Senate is scheduled to hold an upcoming procedural vote on the CLARITY Act at 2:15 p.m. ET on Sept. 15. The motion to proceed requires support from at least 60 senators and would open the bill to debate and amendments rather than send it directly to the president.
Republicans hold 53 Senate seats, leaving the measure dependent on Democratic support even if every Republican votes to advance it. Internal Republican objections could increase the number of opposition votes needed, according to recent reporting on the negotiations.
Under the proposed framework, digital commodities would generally fall under the CFTC’s spot-market authority, while assets offered as investment contracts would remain within the SEC’s securities jurisdiction. Registered digital commodity exchanges, brokers, and dealers would also face federal operating and compliance requirements.
Bitcoin is the clearest asset expected to fall within the commodity category. Saylor’s classification claim therefore aligns with a central part of the policy framework, although his brief post did not mention the CLARITY Act or call for any specific language in the bill.
Lawmakers continue to negotiate ethics provisions, stablecoin rewards, and protections for developers who do not control customer assets. Supporters say a federal statute would replace regulatory uncertainty with written divisions of authority, while critics have raised questions about consumer protection, illicit finance and the reach of exemptions for decentralized software.
Sheriffs withdraw opposition before the Senate vote
The National Sheriffs’ Association has changed its position on the CLARITY Act from opposition to neutral, removing one source of resistance less than two weeks before the scheduled vote.
As crypto.news reported on Sept. 4, NSA President Sheriff Troy Wellman and Executive Director Justin Smith disclosed the new position in a Sept. 3 letter to Senate Majority Leader John Thune and Minority Leader Chuck Schumer.
The organization previously objected to protections for noncontrolling developers and software providers, arguing that parts of the legislation could hinder investigations into illicit activity conducted through decentralized finance systems. Its neutral position allows Congress to continue working on the bill without formal opposition from the group, but it does not amount to an endorsement.
Senator Cynthia Lummis welcomed the decision in a post on X and urged the Senate to advance the measure. Lummis has argued that the legislation would give law enforcement more resources to pursue crypto-related crime while imposing anti-money laundering duties on covered intermediaries.
Section 10604 of the Senate text would prevent a developer from being treated as a money-transmitting business solely for creating certain software or infrastructure, provided that the developer lacks the legal right and unilateral ability to control users’ transactions.
Supporters of the provision say existing laws against money laundering, wire fraud, sanctions violations, and terrorist financing would remain in effect. Several law-enforcement organizations have supported the bill or adopted neutral positions, while other groups have sought narrower protections and more authority for investigators.
Even if the Senate clears the Sept. 15 motion, senators would still have to debate amendments and vote on final passage. Any changes to the House-approved text would also require action by the House before the legislation could reach the president.
Strategy resumes Bitcoin purchases with 4,603 BTC
Alongside Saylor’s public advocacy, Strategy has returned to the Bitcoin market after going roughly 10 weeks without a net purchase.
An Aug. 31 filing with the SEC showed that Strategy bought 4,603 BTC between Aug. 24 and Aug. 30. The company spent about $369.7 million at an average price of $80,318 per Bitcoin, including fees and expenses.
The acquisition raised Strategy’s holdings from 840,447 BTC to 845,050 BTC. According to the filing, the company paid an aggregate $63.73 billion for the position, producing an average purchase price of $75,412 per coin.
Strategy financed the latest acquisition through sales of its MSTR common stock, which generated approximately $602.8 million in net proceeds during the reporting period. The company also spent $151.8 million repurchasing STRC preferred shares and increased its unrestricted U.S. dollar reserve by $30 million.
Chief Executive Phong Le later said the company evaluates Bitcoin transactions according to its cost of capital rather than the cryptocurrency’s price alone. Explaining Strategy’s capital-cost approach, Le said financing conditions can make a purchase at $80,000 appropriate even after sales closer to $60,000.
MSTR traded at $142.80 late on Sept. 4, down about 1.5% from its previous close. The U.S.-listed stock moved between an intraday low of $135.41 and a high of $144.39, with approximately 26.3 million shares changing hands.
