During an exclusive talk at Breakpoint event, with Messari‘s CEO and Co-founder, Ryan Selkis, he delved into the intricacies of the cryptocurrency landscape, emphasizing the ongoing information war and regulatory challenges faced by the industry. Ryan addressed key issues and provided insights into the current state of affairs.
Messari focuses on providing data and analytics services for the cryptocurrency and blockchain industries. Their aim is to empower users and institutions with reliable information and tools to make better decisions in the web3 ecosystem.
He argued that market intelligence is crypto’s defense technology in the information war. He talked of the importance of data, asserting that being well-informed is crucial when navigating the challenges posed by regulators, policymakers, and mainstream media.
Drawing parallels between culture, politics, personnel, and policy, Selkis outlined the multifaceted nature of the information war. He provided examples of recent incidents, including the Wall Street Journal’s article on crypto funding Hamas, a mysterious broker-dealer called Promethium, and the impact of stablecoin flows on the regulatory atmosphere.
In reference to the WSJ article, he pointed out its detrimental impact on the industry, particularly after the facts in the article were scrutinized for authenticity, alleging funding for Hamas. This incident, widely known and discussed, has been significantly damaging.
Over the past couple of weeks, a micro-information war has unfolded on this specific topic, with the crypto community on Twitter actively fact-checking not just the article but also the industry itself. The article, which was inaccurately sourced, has left a lasting negative impact on the industry’s relationship with regulators and policymakers.
The way forward
Apart from mentioning a data-driven information process, the Messari boss offered insights into effective battle tactics for the crypto community. He mentioned the power of citizen journalism, citing examples of Nic Carter and Matt Walsh debunking misinformation and misinformation related to crypto.
Nic Carter is a well-known cryptocurrency researcher and commentator, while Matt Walsh is an American crypto commentator, known for his insights and analysis. Both individuals have made significant contributions to the understanding and development of cryptocurrencies and blockchain technology. Together, they host the “On the brink podcast” which discusses the importance of crypto and blockchain.
On the political layer, he pointed out the need to provide educational systems such as Coinbase has provided, “Stand with Crypto”. It is “an information resource that helps people understand how to get involved, where to get involved, who’s good on crypto, who’s bad.”
Thirdly, he suggested that on the personal side, it is important to take proactive self-regulatory steps. The idea is to engage in self-regulation and fulfill some of the responsibilities that regulators expect without waiting for external regulations to be imposed from the top down through the law.
He also added that the industry should use the opportunity to fuel class actions, amicus briefs (legal documents submitted in support of a particular party in a case), and other initiatives that can empower individuals or groups dealing with challenges within the industry.
By taking legal actions such as class actions and filing amicus briefs, there is an opportunity to address issues, potentially influencing policy or legal outcomes.
Ryan called for action for greater transparency among political figures. He urged leaders to openly embrace digital assets and encouraged the community to follow the money, scrutinizing political contributions and alliances that could impact the regulatory landscape.