Ryan Selkis: “The recession is good for the crypto industry”

Ryan Selkis, founder of the analytics company Messari, believes that the crisis is good for the cryptocurrency industry as the barrier between companies and regulators is being erased.

Ryan Selkis said that each bear cycle pushes some companies out of the industry and makes it possible for those firms that managed to successfully survive it to prosper. The current recession, according to Selkis, coincided with the active behavior of regulators, whose decisions could become very important for the industry.

The crisis in the market, as it were, makes everyone gather to discuss a common problem. For example, the Messari Mainnet conference, held in New York this week, featured speakers from the Commodity Futures Trading Commission (CFTC) and the US Department of Justice.

This, according to Selkis, suggests that there is a shift in the crypto industry, with regulators talking directly to the companies involved in this ecosystem.

“People have begun to tune in to find more constructive solutions to current and future problems, instead of banning everything new that comes to the market,” said the head of Messari.

In addition to regulators, the conference was attended by many people from different countries who somehow have problems with regulators. According to Selkis, being in the same space will allow industry participants to better understand each other and jointly search for solutions.

Earlier, Selkis called the unwillingness of the U.S. Securities and Exchange Commission (SEC) to approve cryptocurrency-pegged ETFs a fraud.