Ryan Selkis said that by pursuing crypto companies in court, the US Securities and Exchange Commission (SEC) is abandoning its responsibility to protect citizens and ensure market stability. Instead of developing clear rules for regulating cryptocurrencies, the SEC is pursuing its own interests and the interests of federal employees who are opposed to digital assets.
According to Selkis, the analytical platform is ready to compete with the SEC by using modern technology to provide high-quality market information.
In 2018, Messari launched a crypto project data registry similar to the SEC EDGAR database. Selkis believes that open blockchains can revolutionize the issuance and settlement of financial assets. Private companies using the latest technology are better able to meet public needs, and traditional government regulators are already becoming obsolete, Selkis believes.
The Messari founder added that even when fraud cases are uncovered, investigative journalism is more effective than the SEC’s approach of “crushing” crypto companies. Selkis noted that Messari has also helped uncover a large number of inconsistencies within major crypto companies.
“The SEC’s ongoing corruption and incompetence in regulating digital assets threatens America’s leadership in the crypto space, while other regions are already excelling in technological innovation and developing legal frameworks for cryptocurrencies,” Selkis said.
Selkis previously criticized the SEC for its reluctance to approve cryptocurrency exchange-traded funds, calling it a scam on the agency’s part.
Source: Bits
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