The Declaration of Independence from the SEC: Messari’s Bold Move

Messari, a prominent US-based crypto market intelligence platform, has recently made a bold declaration of independence from the Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, publicly announced this decision on July 7, citing the regulator’s strict and unyielding approach to the evolving crypto industry. Selkis proclaimed that Messari will be initiating a war against the SEC, labelling the agency as corrupt and illegitimate.

In a draft letter released by Messari, the firm expressed dissatisfaction with its interactions with the SEC, contrasting it with its more successful engagements with regulators in other countries. The letter criticized the SEC’s effectiveness and respectability under the leadership of Chair Gary Gensler, accusing the agency of failing to detect fraud at companies like FTX, Celsius, and Genesis before their eventual collapses. Messari argued that the SEC’s litigation against crypto firms has been politically motivated rather than focused on rooting out fraud in the industry.

The letter from Messari also highlighted recent court rulings that have undermined the SEC’s authority to regulate the crypto markets. The firm pointed out that recent Supreme Court decisions have raised questions about the agency’s legal mandate to oversee the industry. Additionally, Messari expressed concern that the SEC’s actions pose a threat to America’s leadership in the crypto sector, leading to its decision to disengage from any formal or informal interactions with the agency until significant reforms are made.

Messari announced its intention to challenge the SEC’s legitimacy over the crypto industry through legal avenues and engagement with Congress in the coming months. The firm declared the SEC as a hostile adversary, competitor, and unnecessary federal regulator, signaling a significant shift in its relationship with the regulatory body. With this bold move, Messari aims to assert its independence and push back against what it perceives as overreach by the SEC in the rapidly evolving world of cryptocurrency.