He noted that elements from her proposal have influenced the legislative text of the new bill. Securities Exchange Commission, who proposed a “Safe Harbor” plan in February 2020. Selkis posed a rhetorical question, emphasizing the challenge of tokens in their early stages complying with securities laws temporarily until they become adequately decentralized.įurthermore, Selkis acknowledged the previous efforts of Hester Pierce, the former Chair of the U.S. They have formulated a pathway in the bill that enables tokens to achieve compliance through decentralization, without triggering immediate securities laws. Representatives Patrick McHenry and Glenn Thompson. Commodity Futures Trading Commission and the Securities Exchange Commission.ĭuring a Twitter Spaces event hosted by Coinbase on June 7, Selkis highlighted the work of U.S. On June 1, a bill called the “Digital Asset Market Structure” (DAMS) was brought forward with the aim of creating a comprehensive framework to bridge regulatory loopholes related to crypto-assets between the U.S. According to Selkis, this bill represents a significant advancement, surpassing all previously introduced crypto bills in the United States Congress. Ryan Selkis, the CEO of Messari, expressed high praise for a newly proposed Republican bill related to cryptocurrency. Praise for Proposed Republican Crypto Bill and Efforts to Address Regulatory Gaps in the United States Clarity on regulations remains crucial for the industry, amidst divided opinions on SEC’s statements. Legal experts laud the proposed “Digital Asset Market Structure” bill for addressing regulatory loopholes in the US crypto market, providing a pathway to compliance through decentralization.
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