“The war against the illegitimate and corrupt agency begins”: Messari vs. the SEC

The analytics and security firm Messari has declared war on the U.S. Securities and Exchange Commission (SEC), an agency it accuses of being illegitimate and corrupt, and of operating only for the benefit of those within that agency.

In a draft, Messari indicated that the SEC is no longer a serious or respectable federal agency. They also claim that its current president, former banker Gary Gensler, “is corrupt, counterproductive and irresponsible.”

“Most damningly, the SEC appears to exist solely to benefit itself and its federal employees, rather than the citizens it is supposed to protect from fraud and abuse, and the markets whose health it is supposed to monitor and improve.”

In that order of ideas, the analysis company stated that will no longer cooperate with the SEC in any way, whether formal or informal.at least until the agency is reformed and its leadership changed. Instead, they now view the agency as “a hostile adversary, a competitor, and a superfluous federal regulator.”

Thus, Messari decided to “declare independence and challenge the legitimacy of the SEC” in the field of reporting solutions for cryptocurrency markets.

“While we enjoy constructive and fruitful working relationships with other regulators around the world, that path is not feasible with this SEC and instead our team will aggressively compete to provide better, faster, and cheaper information reporting for the cryptocurrency markets, at no cost to taxpayers,” Messari notes.

Messari is a blockchain analytics firm dedicated to researching the cryptocurrency ecosystem. This company was founded in 2018 by Ryan Selkis and is responsible for provide detailed information on the bitcoin market in general.

In operation in the coming weeks

The analysis firm stressed that in the coming weeks and months they will put their defiance strategy into action. To do so, they will rely on courts, the media and even the United States Congress.

Messari plans to spread the argument that the SEC’s approach to cryptocurrencies is ineffective. Also, that Gary Gensler is “not only incompetent, but corrupt.”

“Chairman Gensler’s failure to articulate a rational or consistent approach to cryptocurrency market regulation, including how to identify whether a given asset has critical attributes of a security, creates a chilling effect on the development of U.S. cryptocurrency markets,” the analytics firm says.

In turn, they will claim that The SEC has no legitimate right to regulate the cryptocurrency market and that, if the current administration of that agency continues, the United States will lose its leadership in the crypto-asset ecosystem worldwide.

This is in keeping with the fact that in Europe, the Middle East and Asia, “they are far ahead of US financial regulators in their technical sophistication and regulation for the cryptocurrency market.”

Finally, Messari argues that it already has a service for taxpayers, which has helped uncover financial difficulties and fraud in several companies in the niche. That service has been developed over six years. and more than $60 million have been invested. All to build a “crypto-friendly” framework.

Messari said this draft will be reviewed and shared with SEC commissioners, representatives, and senators in Congress. They suggest that the SEC has already declared war on cryptocurrencies. “And while we find this war unnecessary and counterproductive, we will fight to win it, as necessary,” the firm concluded.

The war declared by Messari against the SEC occurs in a context in which that regulatory entity has carried out a true crusade against the cryptocurrency ecosystem. This has led to accusations, charges and even prison sentences against industry leaders such as Changpeng Zhao (CZ).

Binance, Coinbase, Kraken, Ripple, and other companies in the niche have been targeted by the SEC. This agency accuses these companies of violating securities laws. This, since they consider that Most cryptocurrencies are securitiesexcept, of course, for bitcoin.