Republican crypto bill a ‘10x improvement’ on all others: Messari CEO
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.
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“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:
The last similar crypto bill to hit the floor of Congress was the Digital Commodities Consumer Protection Act (DCCPA), which was introduced on August 3 to provide further supervision over the crypto industry following the collapse of FTX.
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
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