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Some envision an apocalyptic battle between cryptocurrencies and regulators, others foresee blockchain innovations becoming too powerful to be tamed.
To that end, he announced his solution Tuesday — a crypto token that will seek to protect the industry by pushing it toward self-regulation. While self-regulation has been a hot topic in the broader crypto industry for some time, it has yet to see a whole lot of pick-up besides a very recent development in Japan.
But, according to Selkis, regulators have been consistent in their approach toward the nascent industry. But precedent aside, it remains unclear just how to get the crypto industry, which is decentralized, global and so inherently hard to pin down, to come together over the issue. A token-curated registry is essentially a list vetted by people that hold a token to allow them to control who gets on the list.
Selkis expects the vetted voters to be key stakeholders in the industry — the entities such as hedge funds, exchanges and advisers that regulators would hold accountable if investor abuse became widespread. Selkis sees a future where Messari indirectly reinforces good behavior since stakeholders would become reluctant to work with companies that fail to get on the Messari list. In fact, the announcement is short on specifics.
None of that has been finalized. This is part of the process. Most projects have to build technology. Besides that, Selkis has to build something much more delicate: The pressure he feels, then, is in bringing a truly ecumenical set of voices to the table, a collective powerful enough that new issuers really have to listen, unified around one plan.
He explained his deliberate process by saying:. Ryan Selkis was formerly managing director of CoinDesk. Church stained glass image via Shutterstock. The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
Interested in offering your expertise or insights to our reporting? This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency. Commodity Futures Trading Commission. In the announcement, Selkis wrote: But the pressure Selkis feels is not from the regulatory community, here or abroad.
He explained his deliberate process by saying: Church stained glass image via Shutterstock Text-to-speech function is limited to characters.