Messari CEO Ryan Selkis has issued a strongly-worded critique of the U.S. Securities and Exchange Commission (SEC), labeling its current leadership as corrupt and inefficient. Selkis’s extensive letter outlines his severe disapproval of the SEC, questioning its effectiveness and relevance in the modern technological landscape. His statements are a culmination of Messari’s contentious legal battle with the regulatory body.
Why is the SEC Under Fire?
Selkis accuses the SEC of prioritizing its interests over its duty to protect citizens and maintain healthy markets. He argues that the SEC exists only to serve its federal employees, failing in its core responsibilities. Consequently, Messari has decided to sever all official and unofficial ties with the SEC until significant reforms are implemented. Selkis’s stance is unambiguous as he declares the SEC a hostile adversary and an unnecessary regulator.
What Led to This Decision?
After years of collaboration with SEC personnel, Messari has chosen to declare independence from the SEC regarding information reporting solutions for cryptocurrency markets. Selkis emphasizes that Messari will now aggressively compete against the SEC to provide better and more efficient market information. He believes that modern technologies, such as public blockchains, will profoundly impact global financial asset issuance and settlement, making government regulators redundant.
Key Inferences from Selkis’s Argument
Selkis provides a range of concrete points to support his stance:
- Private market actors are better positioned than government regulators to meet public needs due to modern technologies.
- Investigative journalism has proven more effective in uncovering fraud than top-down regulatory approaches.
- Messari has already played a significant role in exposing financial issues in major crypto companies.
What’s Next?
In the coming weeks, the legitimacy of the SEC will be rigorously challenged through courts, Congress, and the media. Selkis aims to present arguments demonstrating the SEC’s inefficacy in regulating the crypto market, highlighting corruption and incompetence within its leadership. He contends that continuing to respect the SEC will further jeopardize America’s leadership in the crypto space, as other regions are already ahead in technical sophistication and rule-making.
Selkis’s public challenge marks a pivotal moment in the ongoing conflict with the SEC, potentially reshaping the landscape of cryptocurrency regulation in the United States.
