Messari CEO Republican crypto bill is a 10x improvement compared to all others.

Messari CEO Ryan Selkis has praised a new proposed crypto bill introduced to the United States Congress by Republicans, calling it a major improvement on all previous crypto bills. The bill, called the “Digital Asset Market Structure” (DAMS) bill, was introduced on June 1 and aims to create a framework to address gaps in the regulatory process between the U.S. Commodity Futures Trading Commission and Securities Exchange Commission with respect to activities related to crypto-assets. Selkis spoke about the bill at a blockchain event on Twitter Spaces on June 7, where he explained that U.S. Representatives Patrick McHenry and Glenn Thompson have created a pathway for tokens to comply with securities laws through decentralization without triggering securities laws immediately. Selkis stated that this new bill is a 10x improvement compared to previous crypto bills. The last similar crypto bill to reach Congress was the Digital Commodities Consumer Protection Act introduced in August 2022. The CEO’s comments were supported by TuongVy Le, head of regulatory and policy at Bain Capital Crypto, who said that the DAMS bill finally provides token issuers with a path to compliance. The bill addresses the fundamental problem that token issuers face when launching a token, which is that they don’t immediately become decentralized. The bill aims to provide a thoughtful path for token issuers to work towards decentralization while also protecting them from enforcement action by the SEC. The chief legal officer at blockchain, Paul Grewal, also acknowledged the problems that many token issuers face under current law, where there is no reasonable pathway for assets that start out as securities to decentralize and evolve in a way that’s recognized under the law. The bill was discussed in light of recent SEC lawsuits against Binance and blockchain for allegedly breaking securities laws by offering unregistered securities. The SEC currently considers at least 67 cryptocurrencies to be securities, including Binance Coin, Solana, Cardano, Polygon, and Cosmos.

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