On June 7, during a Twitter Space organized by Coinbase, Ryan Selkis praised the recently enacted crypto law for providing start-up businesses with a transparent path to compliance.

Source: www.ft.com

Ryan Selkis, CEO of Messari, complimented a recently put-out Republican crypto bill, saying it is a 10x improvement over all other crypto legislation put forth to the US Congress so far. The "Digital Asset Market Structure" (DAMS) bill, presented on June 1, calls for the creation of a framework to close the regulatory gaps between the U.S. Securities (SEC) and Exchange Commission and Commodity Futures Trading Commission (CFTC) on activities involving digital currency.

On June 7, Selkis stated at a Coinbase-sponsored event on Twitter Spaces that U.S. Tokens might achieve conformity through decentralization without instantly triggering securities restrictions, according to a strategy developed by legislators Glenn Thompson and Patrick McHenry. Selkis posed a thought-provoking question, questioning how coins in their early stages could feasibly comply with securities regulations unless and until they achieve a sufficient level of decentralization.

He continued by praising the prior efforts of former SEC Chair Hester Pierce, who published a Safe Harbor plan in February 2020. A significant portion of the language she offered in previous suggestions is currently being fleshed out in the law and has somewhat found its way into this new measure.

The Digital Commodities Consumer Protection Act (DCCPA), which was presented on August 3 to give further oversight over the crypto business following the collapse of FTX, was the most recent law of a similar nature to be submitted to Congress regarding cryptocurrencies.

TuongVy Le, head of regulatory and policy at Bain Capital Crypto, endorsed the CEO of Messari's remarks and noted that DAMS now provides token issuers with a path to compliance.

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The measure was debated in light of the recent wave of lawsuits brought by the SEC against the two biggest cryptocurrency exchanges, Coinbase and Binance, for allegedly violating securities laws by marketing tokens as unregistered securities on June 5 and June 6, respectively.

At least 67 cryptocurrencies are currently categorized as securities by the SEC, such as Binance Coin, Solana, Cardano, Polygon, and Cosmos, which are among the most noteworthy tokens that the financial authority considers to be securities.

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