The Cryptocurrency Industry Independence: Messari’s Bold Move Against the SEC

In a bold move, Messari, a prominent US-based crypto market intelligence platform, has announced its independence from the Securities and Exchange Commission (SEC). The CEO, Ryan Selkis, made a strong statement on July 7, denouncing the SEC and its chair, Gary Gensler, for their stringent approach to regulating the emerging cryptocurrency industry. Selkis declared that Messari will be launching a war against the SEC in the coming months.

Messari’s draft letter, published recently, highlighted the platform’s successful collaborations with regulators in other countries while criticizing its struggles with the SEC. The firm accused the SEC of being ineffective and disrespectful under Gensler’s leadership. It pointed out the regulator’s failure to uncover fraudulent activities at companies like FTX, Celsius, and Genesis before their collapses. Messari argued that the SEC’s litigation against crypto firms seemed politically motivated rather than focused on fraud detection.

The letter mentioned recent court rulings, such as Jarkesy and Loper-Bright, which have undermined the SEC’s authority to regulate the cryptocurrency markets. It raised concerns about the agency’s legal mandate to oversee the industry under the major questions doctrine. Furthermore, Messari expressed worries that the SEC’s actions are jeopardizing America’s leadership in the cryptocurrency sector and announced its decision to suspend all engagements with the SEC until reforms are made.

As a result of these issues, Messari announced its intention to challenge the SEC’s legitimacy over the cryptocurrency industry through legal avenues and congressional advocacy in the upcoming months. The platform made it clear that it now considers the SEC as a hostile adversary, a competitor, and an unnecessary federal regulator. This bold stance by Messari signifies a growing tension between the crypto industry and traditional regulatory bodies, highlighting the need for a more collaborative and transparent approach to regulation in the emerging sector.