Regulation
Messari CEO Declares Independence From SEC in Scathing Letter
On July 6, 2024, Ryan Selkis, CEO of crypto intelligence firm Messari, took a bold step against the SEC, declaring his company’s “independence” from the agency. He openly declared himself an enemy of the US SEC led by the Biden administration. This is going to be huge as US crypto investors are hoping for a pro-governance victory in the US presidential elections. The SEC’s recent setbacks in the Binance and Ripple cases prove that times are changing.
Open war with the SEC
In a draft letter shared on X, Selkis Express his intention to wage “war” against the SEC, criticizing the agency’s approach to regulating cryptocurrencies as corrupt and ineffective.
He accused SEC Chairman Gary Gensler of incompetence and claimed that the SEC’s regulatory authority over cryptocurrency markets was illegitimate, citing failures to prevent fraud and recent Supreme Court rulings as reasons for his challenge.
What is the plan?
Selkis’ plan involves a multifaceted approach, including legal action, congressional appeals, and media campaigns. He plans to argue that the SEC has guaranteed losses for U.S.-based cryptocurrency companies and that Messari’s track record, such as uncovering problems at Mt. Gox, FTX, and Genesis Capital, proves its methods are more effective than the SEC’s.
The draft letter is expected to be refined and sent to Congress in the coming weeks. The position reflects a growing divide between innovative cryptocurrency companies and traditional regulators, with the potential for significant impact on the industry.
The crypto community is reacting strongly to Selkis’ decision. Crypto analyst MartyParty, Underlines Recent legal developments that weaken the SEC’s position, including the Supreme Court’s precedent in Chevron and the dismissal of SEC charges against Binance, have raised concerns that the SEC could see its jurisdiction drift away from it, potentially ending its regulatory dominance over the cryptocurrency market.
While the majority thinks that Messari should also include Ripple vs SEC in his narrative since XRP is the only cryptocurrency to have been granted legal status in the history of the United States. The SEC’s excessive interference in crypto assets has been criticized several times by Ripple. It will be interesting to see how Messari’s view on the SEC will affect future decisions.