Michael Saylor says BRC-20 NFTs use is illegal

The former Microstrategy CEO slammed the initial use case of BRC-20 standard issued NFTs & tokens, as unregistered securities. 

Michael Saylor is the founder & former CEO of the business intelligence firm Microstrategy. In 2020, MicroStrategy started adding Bitcoin to the company’s balance sheet but in Aug 2022 Saylor stepped down from the CEO role, to contribute his full time to the company’s Bitcoin focussed initiatives.

During the Bitcoin 2023 conference, Saylor spoke with Decrypt news media and confirmed that he supports Bitcoin ordinals & BRC-20 concept on the Bitcoin blockchain network. But he said that if someone (maybe any regulatory body) will consider the issued NFTs via ordinals as unregistered securities then surely there will be a big issue, as it will be illegal under the purview of critics. 

“If BRC-20 tokens are viewed as fungible tokens to issue unregistered securities, there’s a lot of objection to that, because it’s unethical. It’s illegal. And you can’t blame (the community) for objecting to that,” Microstrategy former CEO said.

Earlier just a few days ago, Saylor said that Bitcoin ordinals are an new innovation in the Bitcoin ecosystem and also confirmed that Microstrategy is exploring the ways to use this protocol & concept to deploy useful decentralized digital identity tools on the Bitcoin network. 

It is worth it to note that not all Bitcoin proponents support the Bitcoin ordinal concept. Many Bitcoin proponents suggested keeping the Ordinals concept away from the Bitcoin network because Ordinals pushed-up the Bitcoin network activities badly for only garbage crypto tokens & NFTs.

Recently Binance crypto exchange confirmed that it will bring support for the Bitcoin ordinals in its NFTs marketplace. Around a week ago, OKX also added support for Ordinals (BRC-20).

Read Also: Now Strike allows USDT stablecoin payment 

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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