Regulation
Messari CEO Declares Independence, Launches Regulatory War Against “Illegitimate” SEC
Messaria leading U.S. cryptocurrency market intelligence platform, has declared its independence from the Securities and Exchange Commission (SEC), citing the regulator’s rigorous approach to the emerging industry.
July 7, Ryan SelkisCEO of Messari, declared:
“I have declared my independence from the SEC and its corrupt Chairman Gary Gensler. In the coming months, Messari will wage war against this illegitimate and corrupt agency.”
Why is Messari cutting ties with the SEC?
In a draft letter posted on X, Messari highlighted its successful relationships with regulators in other countries, contrasting them with its struggles with the SEC. The company criticized the SEC, saying it has been ineffective and disrespectful under its chairmanship. Gensler.
The letter highlighted the SEC’s failure to Uncovering Fraud at FTX, Celsius and Genesis before their collapse. Messari argued that the regulator’s prosecutions of cryptocurrency firms were now motivated by political reasons rather than fraud detection.
Messari went on to say that recent court decisionsincluding Jarkesy and Loper-Bright, have undermined the SEC’s claim to regulate cryptocurrency markets. According to the letter:
“The cryptocurrency industry’s arguments against the SEC have gained significant momentum in recent weeks following two Supreme Court decisions that weaken the agency’s internal administrative tribunals and deference to Chevron. Questions remain about the agency’s legal mandate to regulate cryptocurrency markets under the major questions doctrine.”
Additionally, he said the SEC’s actions threaten America. leadership in the crypto sectorAccordingly, Messari will cease all engagement with the SEC until the reforms are implemented.
She concludes:
“For these and other reasons, Messari will no longer engage with the SEC, either formally or informally, until it is reformed and its leadership is changed. We now treat the agency as a hostile adversary, a competitor, and an unnecessary federal regulator.”
Messari said he plans to challenge the SEC’s legitimacy over the emerging industry in court and Congress in the coming months.