In a recent tweet, Ryan Selkis, the CEO of Messari, has called for urgent action from Congress on digital assets, citing the economic and technical potential of cryptocurrencies and refuting misinformation. Selkis has sent a letter to a dozen Congressional leaders outlining the need for prudent, effective crypto legislation and calling for the exercise of oversight authority over financial regulators.
The letter is said to be thoroughly documented and Selkis has invited other founders and investors to reach out for more details. He also emphasized the need for a coordinated campaign for crypto, stating that the status quo will harm the US economy and national security.
Selkis highlights three core pieces of legislation that are urgently required: stablecoins and banking rules and regulations, hosted exchange and custody registration norms, and token reporting and disclosures rules. He suggests breaking these issues up to focus on the most pressing needs and not to conflate different policy requirements.
Selkis believes that a campaign for crypto requires the coordination of multiple entities and hundreds of leaders, as well as funding. He argues that the industry is under direct attack, and state authorities are flexing their muscles. Selkis suggests that a coordinated effort is required to fight back calmly, intelligently, and effectively.
The CEO of Messari is not alone in his call for more effective crypto legislation. The Infrastructure Bill debacle in 2021 highlighted the urgent need for clear regulations to support the burgeoning digital asset industry. Many other industry leaders have called for more clarity and stability in crypto regulations, and Selkisâs letter to Congress represents a significant step forward in this campaign.
The coming weeks and months will be crucial in determining the future direction of the US digital asset industry. The coordination of multiple entities and leaders, as well as funding, will be required to fight back against what Selkis sees as direct attacks on the industry. However, he is optimistic that with a coordinated effort, the industry can win this battle and continue to grow and thrive.
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This article was republished from azcoinnews.com
