Messari CEO Ryan Selkis has issued a detailed critique of the SEC, highlighting inefficiencies and corruption within its leadership. Selkis’s statements emphasize the need for regulatory reforms to better support the cryptocurrency market.
Points
- Ryan Selkis labels the SEC as corrupt, inefficient, and incompetent.
- Selkis criticizes the SEC’s failure to protect investors and maintain market health.
- Messari will sever all ties with the SEC until reforms are made.
- Selkis outlines a plan to challenge the SEC’s authority through legal and congressional means.
Messari CEO Ryan Selkis wrote an extensive letter detailing the company’s legal battle against the SEC, highlighting severe criticisms of the regulatory body. In his letter, Selkis describes the SEC’s leadership as corrupt, inefficient, and out of touch with modern technological advancements. His statements underscore the need for significant regulatory reforms to better support the evolving cryptocurrency market.
Harsh Statements Against the SEC
Selkis stated that the U.S. Securities and Exchange Commission is no longer a serious or respectable federal institution. He described the current Chairman as corrupt, inefficient, and incompetent, noting that modern technologies make the SEC’s usefulness debatable. He argued that the SEC seems to exist only to benefit itself and its federal employees rather than protecting citizens from fraud and abuse, monitoring market health, and promoting capital formation.
And worst of all, it seems to exist only to benefit itself and its federal employees, rather than protecting citizens from fraud and abuse, monitoring and improving the health of markets, and promoting capital raising organizations.
https://twitter.com/twobitidiot/status/1809871617432178924
Selkis Emphasizes a Decision Point for the Situation
While Messari enjoys constructive and efficient working relationships with other regulators worldwide, such a path is not possible with the SEC. Instead, their teams will aggressively compete to provide better, faster, and cheaper information reporting for cryptocurrency markets.
Selkis noted that the scope of their mission at Messari has significantly expanded in recent months. He believes that public Blockchains will ultimately be used globally to issue and settle all types of financial assets and that their designs and inherent transparency will significantly change disclosure norms for public market investors across asset classes.
What’s Next?
In the coming weeks and months, the SEC’s legitimacy will be fully challenged through courts, Congress, and the media. Ryan Selkis plans to present several arguments and reveal important facts to the American investing public. The arguments are as follows:
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.
解説
- Selkis’s letter highlights significant issues within the SEC’s regulatory approach and leadership.
- His arguments suggest a preference for market self-regulation and decentralized oversight.
- The upcoming challenges could reshape the regulatory framework for cryptocurrencies in the U.S.
- Increased scrutiny of the SEC may lead to meaningful reforms, enhancing the crypto market’s regulatory environment.
- This battle is crucial for ensuring the sustainable growth and acceptance of cryptocurrencies.