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.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Analysis How much funds will be invested in BTC through spot ETF and how much will it boost the rise of BTC?

Song Xue, LianGuai The approval of the US-regulated spot Bitcoin ETF will lead to the adoption of Bitcoin (and crypto...

Bitcoin

Marathon Digital attributes 21% decrease in June Bitcoin mining to weather conditions.

Bitcoin mining company Marathon Digital reported that the 21% reduction in the quantity of Bitcoin mined in June was ...

Markets

Xapo adds USDT payment option, Trust Reserve Core Team detained by police, Reserve Bank of India Deputy Governor urges all banks to use Blockchain & AI

Receive a brief summary of news related to cryptocurrency and blockchain on a daily basis, focusing on stories that m...

News

European Commission Introduces AI Initiatives to Support Startups and SMEs

The European Commission has debuted AI factories, providing startups with increased access to specialized supercomput...

BlockChain

Google requires disclosure of AI in political campaign ads.

The enhanced policy will now mandate that verified election advertisers transparently disclose the utilization of AI-...

Policy

The Rise of Spot Bitcoin ETFs: What to Expect Next 🚀

The approval of spot Bitcoin ETFs in the U.S. brings numerous positive aspects, but it's important to be aware of pot...