In a bold move, Messari, a prominent US-based crypto market intelligence platform, has decided to break away from the Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, made a public statement on July 7, denouncing the SEC and its Chair Gary Gensler. Selkis declared, “I’ve declared independence from the SEC and its corrupt Chair Gary Gensler. In the months ahead, Messari will be operationalizing a war against this illegitimate and corrupt agency.”
Messari has voiced its dissatisfaction with the SEC’s approach to the crypto industry, citing the regulator’s ineffectiveness and lack of integrity under Chair Gensler. The company highlighted its successful interactions with regulators in other countries, contrasting it with its struggles with the SEC. Messari criticized the SEC for failing to uncover frauds at companies like FTX, Celsius, and Genesis before their collapse. The firm argued that the SEC’s litigation against crypto firms seemed politically motivated rather than focused on detecting fraud.
Messari’s draft letter pointed out recent court rulings that have weakened the SEC’s authority in regulating crypto markets. The letter stated, “The crypto industry’s cases against the SEC have gained significant strength in recent weeks following two Supreme Court decisions that weaken the agency’s internal administrative courts and Chevron deference. There are open questions as to the agency’s legal mandate to regulate the crypto markets at all under the major questions doctrine.”
The company expressed concerns that the SEC’s actions could jeopardize America’s leadership in the crypto sector. As a result, Messari announced that it would cease all interactions with the SEC until significant reforms were put in place. The letter concluded, “For these and other reasons, Messari will no longer engage with the SEC in any formal or informal capacities until it is reformed and its leadership changed. We now treat the agency as a hostile adversary, competitor, and superfluous federal regulator.”
In the coming months, Messari plans to challenge the SEC’s legitimacy over the crypto industry through legal avenues and engagement with Congress. The company is gearing up for a battle to assert its independence and push back against what it perceives as unjust treatment by the regulatory body.
Overall, Messari’s decision to break away from the SEC signifies a turning point in the relationship between regulators and the crypto industry. The company’s bold stance underscores the growing tension and conflicts within the sector, as players navigate the murky waters of regulation and enforcement. It remains to be seen how this battle for independence will unfold and its implications for the broader landscape of crypto regulation.
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