Regulation
Messari CEO Declares Independence From SEC in Sharp Draft Letter
On July 6, 2024, Ryan Selkis, CEO of crypto intelligence firm Messari, made a bold move against the SEC, declaring his company’s “independence” from the agency. He openly declared himself an enemy of the US SEC run by the Biden administration. This will be huge as US crypto investors are rooting for a pro-governance victory in the US presidential election. The SEC’s recent setbacks in the Binance and Ripple cases show that times are changing.
An open war with the SEC
In a draft letter shared on X, Selkis expressed his intention to declare “war” on the SEC, criticizing the agency’s approach to cryptocurrency regulation as corrupt and ineffective.
He accused SEC Chairman Gary Gensler of incompetence and said the SEC’s regulatory authority over cryptocurrency markets is illegitimate, citing fraud prevention shortcomings and recent Supreme Court decisions as reasons for his challenge.
What’s the plan?
Selkis’ plan calls for a multifaceted approach that includes lawsuits, congressional appeals, and media campaigns. He plans to argue that the SEC has guaranteed losses for U.S.-based cryptocurrency firms and that Messari’s track record, including uncovering problems at Mt. Gox, FTX, and Genesis Capital, proves their methods are more effective than the SEC’s.
The draft letter is set to be refined and sent to Congress in the coming weeks. This stance reflects a growing divide between innovative crypto companies and traditional regulators, potentially significantly impacting the industry.
The cryptocurrency community is reacting strongly to Selkis’ move. Cryptocurrency analyst MartyParty, highlighted recent legal developments weakening the SEC’s position, including the Supreme Court’s Chevron precedent and the dismissal of SEC charges against Binance. He believes these events have shifted jurisdiction away from the SEC, signaling a potential end to its regulatory dominance over the cryptocurrency market.
While most believe that Messari should also include Ripple vs SEC in his narrative, as XRP is the only cryptocurrency that has obtained legal status in the history of the United States. The SEC’s excessive power over cryptocurrencies has been criticized by Ripple many times. It will be interesting to see how Messari’s view on the SEC will influence future decisions.
Read also: FTX’s $16 Billion Payout: Key Dates to Watch for Bitcoin’s Next Move!