Messari CEO Shows 10x Improvement In New Republican Crypto Bill

Messari CEO appreciates the newly released crypto bill by saying that it is a 10x improvement from all the other bills. He said that bill is sufficient in filling the gaps between U.S. Commodity Future Trading Commissions and Security Exchange Commission (SEC) regarding activities related to crypto.

Messari CEO Highlights the Bill’s Approach to Decentralization

Messari CEO added that U.S. representatives Patrick McHenry and Glenn Thompson have made a new way to reach consent with decentralization without hampering the security law. The term ‘security law’ refers to the methods and means used to protect data. Hence, without hindering it, a new path is made along with decentralization.

In a statement, Selkis asked how a bill in the initial stage can be implicit in the security law. He also states the previous work of the U.S. Securities Exchange Commission Chair HesterPierce work. She released the Safe Harbor proposal in February 2020.

In addition, she is interested in building an unrestrictive safe harbor allowing token issuers to offer tokens in an alternative way with strong requirements. The work she has included is now being used in the legislative text. In a way, the proposal is included in the new bill.

Messari CEO Comment Supported By Tuong Le

After the comment made by Messari CEO, it was supported by TuongVy Le, head of regulatory and policy at Bain Capital Crypto that the DAMS bill eventually leads the path of compliance for token issuers.

Before this bill, the last crypto bill released was The Digital Commodities Consumer Protection Act, released on August 3rd, 2022. It was released on August 3rd, 2022. According to DCCPA, a regulatory framework is created which will enhance the consumers’ trust in investment.

Le also emphasizes that the problem with token projects is that when they are launched, they need time to become decentralized. Hence, time is needed to work on that. But in between the needed time, the SEC can bring enforcement against it. She points out that this is the primary reason that needs to be clarified, and she hopes that DAMS can solve it soon.

The chief of Coinbase, Paul Grewal, has also highlighted the reason that token issuers are facing. He highlights that a clear rulebook in the US is needed for a fairer, faster, and more affordable way in this new economic system. There is no path for the assets that start as securities and involve in decentralizing in a way recognized under the law.

He also stated that there are many details to be considered, but this bill is a strong step towards developing a regulatory regime that embraces innovation. The bill is discussed regarding the action taken by the SEC against Coinbase.

The crypto company has offered tokens as unregistered securities. It goes against the security law, which requires crypto to be registered as a security The SEC considers 67 cryptocurrencies as securities. Some of the deemed securities are Solana, Cardano, Polygon, etc.