At the inaugural White House Crypto Summit on March 7, Strategy co-founder Michael Saylor reportedly proposed that the United States government acquire between 5% and 25% of Bitcoin’s total supply over the next 20 years. Reacting to the news, pro-XRP lawyer John Deaton said that Saylor is lobbying the government to make him the “richest man on the planet.”
According to sources familiar with the matter, before cameras went live at the summit on March 7, attendees were given the chance to pitch crypto policy ideas to White House officials and regulators, led by Crypto Czar David Sacks.
Saylor used the opportunity to advocate for a federal Bitcoin acquisition strategy, suggesting the government purchase between 1.05 million and 5.25 million BTC in the coming decades.
No 💩 – it would make @saylor the richest man on the planet. 😂 https://t.co/VBltCVcc6C
— John E Deaton (@JohnEDeaton1) March 19, 2025
In an X post Wednesday, Deaton said the strategy is just a way for Saylor to drive Bitcoin’s value high so that he can get richer through financial intelligence firm Strategy’s holdings of 499,096 BTC, according to Bitbo data.
Will the US government buy Bitcoin?
Saylor’s push for government expenditure on BTC will have to face several “barriers” in the name of liberal policymakers and other crypto communities, like XRP. The US Constitution grants Congress the power of the purse, meaning any such expenditure would require congressional approval.
Some Bitcoin advocacy groups have reportedly attempted to find ways around this restriction. Recent reports suggest that multiple organizations have drafted executive order proposals that could provide legal loopholes to allow the executive branch to proceed with Bitcoin purchases without direct congressional authorization.
During the Summit, Saylor also presented a framework for categorizing digital assets aimed at clarifying regulatory oversight. According to leaked notes from the White House, he suggested dividing cryptocurrencies into four categories based on their intended use and backing.
A closer glimpse at the summit’s agenda… pic.twitter.com/ktuXYRe1fk
— Sander Lutz (@s_lutz95) March 7, 2025
He proposed that the first category include tokens used for capital creation, which are backed by specific issuers and designed to raise funds. A second category would cover tokens backed by securities and commodities, such as exchange-traded funds (ETFs) and stablecoins.
The third classification would consist of digital currencies intended for transactions and payments. The final category would encompass tokens used for capital preservation, a designation he believes fits Bitcoin.
Saylor propounded that applying this classification system would bring much-needed regulatory clarity, resolving disputes over whether certain digital currencies should be treated as securities or commodities. His proposal reiterates the sentiment of industry leaders seeking clearer guidelines from the Securities and Exchange Commission (SEC) and other financial watchdogs.
XRP community not happy with Saylor’s proposal
Some members of the XRP community have coined the Strategy co-founder’s vision as a notion of “self-interest,” petitioning to remove him as an advisor to the White House.
Yes!! For that reason, Saylor should NOT be a crypto advisor. It's a clear conflict of interest.
— Jacob Merkley (@merkley_jacob) March 19, 2025
“This is the blind spot they just can’t accept,” a commenter on Deaton’s post wrote. “If you think this thing is a global standard, if you think nation-states are going to accumulate it, justify having a con man that front-ran it, lobbied the government, and now has 10x the supply of a major nation-state like China.”
As reported by Cryptopolitan yesterday, Strategy announced plans to issue 5 million shares of Series A Perpetual Strife Preferred Stock. The public offering, registered under the Securities Act of 1933, is subject to market conditions.
Strategy stated that proceeds from the offering would be used for general corporate purposes, including additional Bitcoin acquisitions and working capital.
Simon Dixon, CEO and co-founder of BnkToTheFuture.com, warned that the company’s 10% dividend payment in US dollars, despite operating on a Bitcoin-based balance sheet, is a “huge financial risk.”
He compared it to Long-Term Capital Management (LTCM), a hedge fund that collapsed in the late 1990s and required a federal bailout.
“This is starting to resemble Long-Term Capital Management, which required a bailout. If this ship sinks, nationalization might become a strategic move for the US government,” Dixon reckoned.
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