Why Did This US Crypto Company Declare Independence From the SEC?

Ryan Selkis, CEO of blockchain analytics firm

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Messari, has declared that his firm will cut all ties with the US Securities and Exchange Commission (SEC). On July 7, Selkis said his firm would wage war on the SEC in a strongly worded draft letter shared on X.Also Read: Coinbase rides high on precedent in Binance-SEC rulingAccording to the draft letter, Messari will stop engaging with the SEC formally or informally until the agency is reformed and leadership changes. Selkis accused SEC Chair Gary Gensler of corrupt and counterproductive leadership, adding that the agency’s work failed to benefit citizens.Messari’s declaration of warMessari plans to prove its case against the regulator by using instances to show the SEC’s incompetence. Such examples include the regulator’s inability to detect and prevent major frauds of collapsed crypto entities like FTX and Genesis.The letter further described the SEC as an agency that has outlived its usefulness in light of recent technological developments. Selkis highlighted how private actors such as public blockchains and privately funded investigative journalism could better provide full disclosure for users and identify fraudulent

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