Messari CEO Claims Bear Markets Are Good for Crypto Industry

While numerous crypto companies continue to feel the pinch of the bear market, Ryan Selkis, Messari CEO, believes that the crypto winter is healthy for the industry. Messari provides entrepreneurs, developers, investors, and newcomers with data tools and valuable information that assist them in participating intelligently in the crypto industry.

Selkis, a crypto guru who started his journey in 2013, says he has witnessed growth in every bear market. He states that each bear market has pushed some companies out of business, making room to flourish for those that survive.

This year’s Messari Mainnet conference in New York has incorporated various officials as speakers, including Commodity Futures Trading Commission representatives and the Department of Justice. Their presence is a good indication of regulators’ willingness to work with crypto companies.

Messari CEO Engages Regulators on Importance of Defined Guidelines for Crypto Industry

Selkis held an insightful conversation with Commodity Futures Trading Commissioner Caroline Pham. The two discussed how regulation could assist the crypto space if clear guidelines for the companies are stipulated and jurisdiction defined between the Securities and Exchange Commission and Commodity Futures Trading Commission.

Also, Selkis had an onstage chat with Sanjeev Bhasker, a Digital Currency Counsel in the United States Department of Justice’s Digital Currency Initiative. They talked about digital privacy as it affects crypto usage. Sanjeev Bhasker stated that applying the Bank Secrecy Act and money transmitter regulations to the crypto industry is possible.

Regulatory Conflicts Could Still Arise in the Future

The regulators’ appearance at this year’s Messari Mainnet; was planned. Last year, the Securities and Exchanges Commission representatives stormed the conference. They sought to serve Terra Labs co-founder Do Kwon with a subpoena regarding Mirror, a DeFi protocol running on the Terra network that made synthetic versions of real-world assets like stocks to be traded by its users.

Selkis admits that such cases could continue to happen during the Messari conferences, as crypto players under investigation are likely to make an appearance. He adds that regulatory conflicts are bound to occur since developers keep exploring new possibilities in the crypto industry.

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