Act of Treason, except you have a chance to make sure you never have to see that stupid Equipment it's holding ever again. Stop chanting Embercleave, it most likely not strong enough to do that kind of work in Standard.
Well, not strictly better for you can technically use Act of Treason to simply untap your creature and/or give it haste - you don't want to do that with this one for the destroy Equipment clause is not optional. But even so, this is a great card.
I could see this going in my Xenagos, God of Revels EDH deck. The sole purpose of my Xenagos deck is to use temporary theft effects to steal other commanders, pump them with Xenagos and kill their owners with their own commander damage. It’s a meme deck, but can be surprisingly effective.