Messari CEO Ryan Selkis criticizes the SEC’s current leadership, accusing it of corruption and inefficiency. He outlines a series of arguments challenging the SEC’s effectiveness and calls for significant reforms.
Points
- Ryan Selkis labels SEC leadership as corrupt and inefficient.
- Selkis accuses the SEC of prioritizing its interests over market health.
- Messari plans to sever ties with the SEC until reforms are implemented.
- Selkis outlines arguments to challenge the SEC’s legitimacy through courts and Congress.
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.
The SEC’s statutory mission is to protect investors, facilitate capital formation, and maintain fair, orderly, and efficient markets.
https://twitter.com/GOPMajorityWhip/status/1787852810337263715
Key Inferences from Selkis’s Argument
Selkis provides a range of concrete points to support his stance
Key Inferences from Selkis’s Argument （continued）
- Private Market Actors vs. Government Regulators: Selkis argues that private market actors are better positioned than government regulators to meet public needs due to modern technologies.
- Investigative Journalism Over Top-Down Regulation: He highlights how investigative journalism has proven more effective in uncovering fraud than top-down regulatory approaches.
- Ineffectiveness in Crypto Regulation: Selkis points out that the SEC’s approach to crypto markets has failed to detect significant frauds, such as those involving FTX, Celsius, and Genesis, while targeting legitimate actors like Coinbase, Kraken, and Gemini seems politically motivated.
- Leadership Failures: He asserts that SEC Chairman Gary Gensler’s inability to provide clear regulatory guidelines has created a chilling effect on the development of crypto markets in the U.S.
- Legitimacy Challenges: Following recent Supreme Court decisions that weaken the SEC’s authority, Selkis argues that the SEC has no legitimate claim to regulate crypto markets.
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.
The SEC’s approach to crypto is ineffective. The institution’s current approach to crypto markets fails to detect costly （alleged） frauds at FTX, Celsius, Genesis, and other U.S. market participants, while lawsuits against legitimate actors like Coinbase, Kraken, and Gemini seem more like political targeting than fraud prevention.
https://twitter.com/twobitidiot/status/1809842898732408833
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.
解説
- Selkis’s critique underscores significant discontent with the SEC’s regulatory approach and leadership.
- His arguments highlight the potential advantages of decentralized regulation and market self-regulation.
- The upcoming legal and legislative battles could influence future regulatory frameworks for cryptocurrencies.
- Increased scrutiny of the SEC may lead to substantial reforms or shifts in how crypto markets are regulated in the U.S.
- This challenge is crucial for the broader acceptance and development of cryptocurrencies globally.