Messari founder calls bear market ‘useful’ for the industry

Tightening belts in a down-trend will benefit the digital-asset industry. This was stated in an interview with Decrypt by Messari founder and CEO Ryan Selkis.

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In his words, the departure of some companies always clears space for those who have survived.

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“Bear markets are good for attracting the right people. We are shedding ballast,” the expert explained.

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At the moment, the cyclical process coincides with the shaping of the regulatory environment. Its evolution over time could ultimately lead to a bull market, Selkis suggested.

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He noted the participation of representatives from the CFTC and the U.S. Department of Justice at the Messari Mainnet conference, which his company organized.

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“There must be discussions. For the most part, the officials seem to share a common view on taking more constructive steps. This does not look like a hammer, which is searching for a nail,” the executive added.

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Selkis and CFTC Commissioner Caroline Pham agreed that regulation could help the industry as clearer guidelines for companies are developed and jurisdiction between the CFTC and SEC is clarified.

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“This to me, at its heart, is about good government,” said @CarolineDPham. “I’m here to work for each and every single one of you. That is literally my job.” #Mainnet2022 pic.twitter.com/Sq4Pgl5pnT

— Messari (@MessariCrypto) September 22, 2022

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The conversation between Selkis and Sanjeev Bhaskar, the U.S. Department of Justice’s digital-currency adviser, proved substantive. They discussed the Bank Secrecy Act and the application of money-transmitter regulations to DeFi, Web3–applications and P2P crypto trading.

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Most insightful conversation with Sanjeev Bhasker of @TheJusticeDept on the application of the Bank Secrecy Act and money transmitter regulations to DeFi, Web3 applications and P2P crypto traders. pic.twitter.com/qAF7WL5a1T

— Max Dilendorf (@MaxDilendorf) September 23, 2022

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Earlier in September, Selkishinted that U.S. President Joe Biden is too old to understand the value of cryptocurrency and blockchain technology. This was in response to the publication of the industry’s regulatory framework in the United States.

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In August, a specialistcalled the SEC’s stance on spot Bitcoin ETFs fraudulent.

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