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Republican crypto bill a ‘10x improvement’ on all others: Messari CEO

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Speaking in a Twitter Space hosted by Coinbase on June 7, Ryan Selkis praised the new crypto bill for providing new firms with a clear path to compliance.

Messari CEO Ryan Selkis has praised a newly proposed Republican crypto bill, commenting it is a “10x improvement” on all other crypto bills introduced to the United States Congress so far.

The “Digital Asset Market Structure” (DAMS) bill, introduced on June 1, proposes to establish a framework to fill the gaps in the regulatory process between the U.S. Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) on activities related to crypto-assets.

Speaking at a Coinbase-hosted event on Twitter Spaces on June 7, Selkis explained that U.S. Representatives Patrick McHenry and Glenn Thompson have drafted a pathway for tokens to reach compliance through decentralization without instantly triggering securities laws.

https://t.co/xB0ebVq2vL

— Coinbase ️ (@coinbase) June 7, 2023

“How could tokens in their earliest stage come into compliance with securities laws on a temporary basis unless and until they were sufficiently decentralized?” Selkis asked rhetorically.

He went on to acknowledge the former work of U.S. Securities Exchange Commission (SEC) Chair Hester Pierce, who released a “Safe Harbor” proposal in February, 2020.

“A lot of the language that she had included in those proposals is now being worked out in legislative text [and] that's kind of made its way into this new bill.” He added:

“I do think that this is probably a 10x improvement versus anything that we've seen so far.”

In August, a Digital Commodities Consumer Protection Act (DCCPA was introduced to serve a similar purpose.

The Messari CEO’s comments were backed by TuongVy Le, head of regulatory and policy at Bain Capital Crypto, who added that DAMS finally gives token issuers “a path to compliance.”

“The issue that a lot of crypto issuers or token projects face is when you're launching a token, you don't become decentralized right away, right?” said Le.

Great to be on today with @iampaulgrewal @JBSDC @twobitidiot! @coinbase thanks for having me. There’s a lot going on right now, but we are fighting for progress and innovation and something better than the status quo. And we will get there! - onward! https://t.co/oHGhh6wssP

— TuongVy Le ️ (@TuongvyLe12) June 7, 2023

She explained that token issuers “need time to work towards that,” but while that’s in the works, the SEC can swoop in and “bring enforcement action against you.”

While Le considered this to have always been the “fundamental problem,” she remains hopeful that DAMS can resolve it once and for all:

“I think this bill addresses that. It gives token issuers a path to get there [...] in a really thoughtful way.”

Paul Grewal, the chief legal officer at Coinbase also acknowledged the problems that many token issuers are tackling:

“Under the current law there really is no reasonable pathway for those assets that start out life as a security to evolve and involve in large part by decentralizing in a way that's recognized under the law.”

While there are many details to be ironed out, the Digital Asset Market Structure Discussion Draft is a strong step towards developing a regulatory regime that embraces innovation, maintains US industry presence and protects consumers.

— paulgrewal.eth (@iampaulgrewal) June 5, 2023

Related: Crypto lawyers flame Gensler over claims that all crypto are securities

The bill was discussed in light of the SEC’s recent spate of lawsuits filed against the two largest cryptocurrency exchanges Binance on June 5 and Coinbase on June 6 for allegedly breaking securities laws by offering tokens as unregistered securities.

The SEC now considers at least 67 cryptocurrencies to be classed as securities.

Among the most notable tokens the financial regulator deems to be securities are Binance Coin (BNB), Solana (SOL), Cardano (ADA), Polygon (MATIC) and Cosmos (ATOM).

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

Source

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  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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