Michael Saylor

So there's this love-hate relationship with freedom everywhere in the world that goes on. And then there's a love-hate relationship with technology. And then you've got the systems that work, right? Visa and MasterCard and NASDAQ and New York Stock Exchange and DTC and custodians. You've got the systems that work from the 20th century.

And if you're wanting to protect those systems, I understand why. Because you're worried about burning $100 trillion to the ground. And then you've got things you can do that are new. Like I can move the money a million times a second for a thousandth of a penny. And what if I want 8 billion AIs to move it a billion times a second through 10 billion computers? And that scares some people.

And if you're wanting to protect those systems, I understand why. Because you're worried about burning $100 trillion to the ground. And then you've got things you can do that are new. Like I can move the money a million times a second for a thousandth of a penny. And what if I want 8 billion AIs to move it a billion times a second through 10 billion computers? And that scares some people.

But that's the future. And so I would say... I give everybody a benefit of doubt. Some people are just not progressive because they want to protect the past. Some people just don't understand the promise of the future. But there are some authoritarians that just generally don't want you to have freedom.

But that's the future. And so I would say... I give everybody a benefit of doubt. Some people are just not progressive because they want to protect the past. Some people just don't understand the promise of the future. But there are some authoritarians that just generally don't want you to have freedom.

I mean, I remember this clip here with Trump, right, at the Bitcoin conference when he made that comment. And, Rob, if you want to play this clip.

I mean, I remember this clip here with Trump, right, at the Bitcoin conference when he made that comment. And, Rob, if you want to play this clip.

He did it twice.

He did it twice.

Why is he so unpopular amongst specifically this community?

Why is he so unpopular amongst specifically this community?

You know, I think what you've got is a struggle between the 20th century and the 21st century. I think Gensler's view is the rules we have and the laws we have are adequate and they're good enough and you should conform to them. And I think the crypto community and the Bitcoin community think, why can't I do everything a million times smarter, faster, stronger from my iPhone on Saturday night?

You know, I think what you've got is a struggle between the 20th century and the 21st century. I think Gensler's view is the rules we have and the laws we have are adequate and they're good enough and you should conform to them. And I think the crypto community and the Bitcoin community think, why can't I do everything a million times smarter, faster, stronger from my iPhone on Saturday night?

Why can't I? I want to do new things. Why can't 10 million influencers... If you're 10,000 influencers, you got a million followers, why can't all 10,000 of them issue their own token and have their own access to the capital markets? And why do I got to actually take four years and $40 million to do it if it's only worth 4 million bucks to me? So there's the tension.

Why can't I? I want to do new things. Why can't 10 million influencers... If you're 10,000 influencers, you got a million followers, why can't all 10,000 of them issue their own token and have their own access to the capital markets? And why do I got to actually take four years and $40 million to do it if it's only worth 4 million bucks to me? So there's the tension.

And the two sides have talked past each other. If Gensler had put forth a digital assets framework and he had said, okay, look, here's how you ethically issue a token. Here's how you ethically issue a security. Here's how you ethically prove you're a commodity. Here's how you ethically prove that you're a currency. And by the way, don't lie, cheat, and steal.

And the two sides have talked past each other. If Gensler had put forth a digital assets framework and he had said, okay, look, here's how you ethically issue a token. Here's how you ethically issue a security. Here's how you ethically prove you're a commodity. Here's how you ethically prove that you're a currency. And by the way, don't lie, cheat, and steal.

If he had done that and given people a route to register, I think 95% of the industry would have come into compliance because no one in the industry is standing up arguing we want to lie, cheat, and steal. But in fact, there was no framework. There was no process to do it. And on the other hand, I think the industry wasn't able to generate the support through Congress or the Senate.

If he had done that and given people a route to register, I think 95% of the industry would have come into compliance because no one in the industry is standing up arguing we want to lie, cheat, and steal. But in fact, there was no framework. There was no process to do it. And on the other hand, I think the industry wasn't able to generate the support through Congress or the Senate.

And I think the administration wasn't very constructive. So I would say there's been a non-constructive dialogue. The people in the crypto industry, their position has been, well, you don't respect us, so we don't respect you. And the entire relationship broke down to kind of mutual yelling back and forth. But the right question for the crypto industry to ask is,