Regulation
Messari CEO Declares Independence, Launches Regulatory War Against ‘Illegitimate’ SEC
MessengersA leading U.S.-based cryptocurrency market intelligence platform has declared its independence from the Securities and Exchange Commission (SEC), citing the regulator’s tough approach to the emerging sector.
On July 7th, Ryan SelkisCEO of Messari, declared:
“I have declared independence from the SEC and its corrupt chairman Gary Gensler. In the months ahead, Messari will operationalize a war against this illegitimate and corrupt agency.”
Why is Messari cutting ties with the SEC?
In a draft letter published on X, Messari highlighted its successful engagements with regulators in other countries, contrasting them with its struggles with the SEC. The firm criticized the SEC, arguing that it had been ineffective and disrespectful under the presidency. Gensler.
The letter highlighted the SEC’s failure uncover fraud on FTX, Celsius and Genesis before their collapses. Messari argued that the regulator’s litigation against cryptocurrency firms has become politically motivated rather than focused on fraud detection.
Messari continued by saying that recent court rulingsincluding Jarkesy and Loper-Bright, have undermined the SEC’s claim to regulate cryptocurrency markets. According to the letter:
“The cryptocurrency industry’s case against the SEC has gained significant traction in recent weeks, following two Supreme Court decisions weakening the agency’s internal administrative tribunals and Chevron’s deference. There are open questions about the agency’s legal mandate to regulate cryptocurrency markets under the principal questions doctrine.”
He further said that the SEC’s actions threaten America leadership in the cryptocurrency sectorAccordingly, Messari will cease all engagement with the SEC until the reforms are implemented.
He concluded:
“For these and other reasons, Messari will no longer engage with the SEC in any formal or informal capacity until it is reformed and its leadership is changed. We now treat the agency as a hostile adversary, competitor, and superfluous federal regulator.”
Messari said he plans to challenge the SEC’s legitimacy over the emerging sector through the courts and Congress in the coming months.