Messari founder: The encryption industry should fully protect and promote USDC

According to reports, Ryan Selkis, founder of Messari, tweeted that in less than a week, the Crypto banking business had actually been closed. The message from Washington is clear that cryptocurrencies are not welcome in banking. From now on, the encryption industry should fully protect and promote USDC.

Interpretation of this information:

The message conveyed by Ryan Selkis, the founder of Messari, through his recent tweet is a signal that the regulatory environment for cryptocurrency businesses, especially those involved in banking, is becoming increasingly restrictive in the United States. According to Selkis, a crypto banking business had been closed down within a week, and the underlying implication of this is that cryptocurrencies are not currently welcome in the banking sector. This can be interpreted as a sign that the regulatory landscape for cryptocurrencies is becoming more difficult, and businesses will need to adapt to survive.

The message highlights the need for the encryption industry to fully embrace and promote USDC, a stablecoin backed by the US dollar, as a potential solution to the regulatory challenges they are facing. Stablecoins are generally viewed as less risky than other cryptocurrencies and can better align with traditional financial institutions’ regulatory requirements. By prioritizing USDC, the industry can better protect itself and its users from the volatility and regulatory challenges of other cryptocurrencies.

This message also points out that the regulatory challenges the encryption industry is currently facing are likely to persist in the near future. In March, the Financial Crimes Enforcement Network (FinCEN) proposed new regulations for cryptocurrencies in the US, which could impact the industry from a compliance standpoint. There is also a broader regulatory crackdown on cryptocurrencies globally, with several countries, including India and China, taking steps to curtail trading or even outrightly ban cryptocurrencies. This highlights the need for businesses to understand and comply with regulatory requirements to ensure they can operate effectively in a constantly changing landscape.

In conclusion, Ryan Selkis’ tweet is a clear signal that the regulatory environment for cryptocurrency businesses is becoming increasingly challenging, particularly those involved in banking. The message highlights the need for the encryption industry to fully embrace and promote USDC and be aware of the evolving regulatory landscape they operate in.