Messari CEO declares independence and wages regulatory war against ‘illegitimate’ SEC

Messari, a leading US-based crypto market information platform, has declared its independence from the Securities and Exchange Commission (SEC), citing the regulator’s strict approach towards the emerging industry.

On July 7, Ryan Selkis, CEO of Messari, stated:

“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 severing ties with the SEC?

In a draft letter posted on X, Messari highlighted its successful negotiations with regulators in other countries and contrasted them with its problems with the SEC. The company criticized the SEC, claiming it had been ineffective and disrespectful under Chairman Gensler.

The letter pointed out that the SEC failed to detect the scams at FTX, Celsius and Genesis before their collapses. Messari argued that the regulator’s lawsuits against crypto firms were politically motivated and no longer focused on fraud detection.

Messari further stated that recent court rulings, including Jarkesy and Loper-Bright, have undermined the SEC’s claim to regulate crypto markets. According to the letter:

“The crypto industry’s lawsuits against the SEC have gained significant strength in recent weeks following two Supreme Court decisions weakening the agency’s internal administrative tribunals and the Chevron derogation. There are outstanding questions about the agency’s legal mandate to regulate crypto markets at all under the Major Questions Doctrine.”

In addition, it said that the SEC’s actions threaten America’s leadership in the crypto sector, so Messari will cease all discussions with the SEC until reforms are implemented.

The conclusion was:

“For these and other reasons, Messari will no longer work with the SEC in any formal or informal capacity until it is reformed and its leadership changes. We now treat the agency as a hostile adversary, competitor, and redundant federal regulator.”

Messari announced that the company plans to challenge the SEC’s legitimacy regarding the emerging industry in court and Congress in the coming months.

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