Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for the sector—and for his own conference.
Selkis, a seasoned pro in the crypto sector who first entered it in 2013, has witnessed growth come with each bear market, since each has driven some businesses out of business and created space for those that remain to prosper. This cyclical process has occurred in tandem with a regulatory environment that has changed through time and can heat up during bull markets.
At the Messari Mainnet conference this week in New York, Selkis remarked in an interview with Decrypt, "Bear markets are wonderful for getting the appropriate individuals in the room. “We wash away all the dead wood.”
Selkis noted that several officials, including those from the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC), were included as speakers at this year's conference and that their attendance reflected a growing trend in the cryptocurrency space towards regulators cooperating with businesses.
Selkis stated, referring to the capacity to include regulators, "These should be talks." In contrast to the cliché "hammer hunting for a nail," most people seem to be on the same page when it comes to developing more constructive solutions.
In a fireside chat on stage, Selkis and CFTC Commissioner Caroline Pham discussed how regulation might benefit the cryptocurrency industry as clearer rules for businesses are created and the CFTC and Securities and Exchange Commission's jurisdiction is established (SEC).
Selkis spoke with Sanjeev Bhasker, the U.S. Digital Currency Counsel for the U.S. Department of Justice's Digital Currency Initiative, during a different panel. The panel talked on how using cryptocurrencies affects digital privacy.
Not for the first time, regulators have visited Messari Mainnet. This time, their attendance was prearranged, but the co-founder of Terra Labs, Do Kwon, received a subpoena from the SEC last year as he entered the conference at the top of an escalator. That subpoena was in relation to Mirror, a Terra-based DeFi system that generated artificial replicas of real-world assets that could be traded, including equities.
It's basically the law of huge numbers if you have a gathering of people like this, Selkis added. There will be thousands of people here, some of them from outside; occasionally, [a subpoena] may be issued if some of them are the subject of an investigation.
All of that occurred before Terra's UST stablecoin collapsed this year, wiping out billions of dollars in investor funds and causing institutions that had placed large bets on Terra's network, such as lenders Celsius and Voyager and the now-defunct cryptocurrency hedge fund Three Arrows Capital, to become uneasy.
Selkis thinks that as developers "push the envelope" of what's feasible in the crypto world, there will inevitably be regulatory friction. He claimed that since the beginning of the industry, "things break and individuals get into difficulty."
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