Michael Saylor said Americans do not need a licence to discuss Bitcoin, promote its use or publicly recommend owning it. He argued that Bitcoin is a commodity rather than a security, while fraud and market manipulation remain illegal.
Saylor’s comments draw a line between promoting Bitcoin and activities that fall under financial regulation. His position is that talking about Bitcoin or expressing a view that people should own it should remain protected speech, rather than something that requires regulatory approval.
In America, you don’t need a license to discuss Bitcoin, advocate for it, or publicly recommend owning it. Bitcoin is a commodity, not a security. Fraud and manipulation are illegal. Bitcoin advocacy is free speech.
— Michael Saylor (@saylor) September 4, 2026
Bitcoin’s commodity status has become more useful to the market
Saylor’s comments come at a time when the US has moved much closer to treating Bitcoin as an established commodity. The CFTC has long classified Bitcoin as a commodity, but the March 2026 joint SEC-CFTC interpretation went further by explicitly listing Bitcoin among “digital commodities.”
Bitcoin futures and other derivatives can fall under CFTC rules, while the underlying spot Bitcoin market is treated differently. The CFTC says it has enforcement power over fraud and manipulation in spot Bitcoin markets, but does not generally regulate the spot market in the same way it regulates futures.
This makes it easier to separate owning or talking about Bitcoin from running a regulated financial business. There is also more clarity now than there was a few years ago, when US regulators often disagreed over how to treat crypto. Saylor’s comments are really pointing to that change rather than announcing anything new about Bitcoin.
Also Read: Coinbase CEO Calls for Changes to Accredited Investor Rules in the US
Is Bitcoin advocacy treated the same way around the world?
The US is relatively permissive when it comes to discussing Bitcoin. Other major markets draw a much harder line once someone moves from personal opinion into promotion. In the UK, for example, Bitcoin itself is not treated as a security, but financial promotion rules apply to qualifying cryptoassets, including Bitcoin.
Since October 2023, crypto promotions aimed at UK consumers have had to meet specific legal requirements, with the FCA able to take action against firms that promote crypto illegally.
Also, the Monetary Authority of Singapore has warned crypto businesses against promoting their services to the general public, showing its view that crypto trading carries risks for retail investors. Canada also allows people to own and discuss crypto, but businesses providing crypto trading services face registration and securities-related requirements. Therefore, Saylor’s point is less about whether other countries allow people to talk about Bitcoin and more about how far they allow people to promote it commercially.
This difference in how Bitcoin is treated can also create different opportunities for businesses in different countries. A company operating in the US may have more room to build its brand around Bitcoin, while a similar company targeting UK or Singaporean retail customers has to pay much closer attention to how it markets crypto. The UK, for example, has already taken enforcement action over illegal crypto promotions, showing that regulators are willing to act when promotion crosses the line.
That could eventually make the US more attractive to Bitcoin-focused businesses, particularly those that rely heavily on education, media and public advocacy. More countries are likely to keep a clear line between talking about Bitcoin and selling it as a financial product. As crypto becomes more common in traditional finance, regulators will have to decide how much freedom individuals, companies and influencers should have when promoting it.
Notably, Bitcoin could be poised for another strong rally as corporate and institutional demand continues to absorb the market’s natural supply, according to Saylor.
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