Messari CEO Declares Independence, Fights Regulatory War with ‘Illegal’ SEC

Messari, a leading US-based 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.

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 cutting ties with the SEC?

In a draft letter published on X, Messari highlighted its successful engagement with regulators in other countries, contrasting it with its problems with the SEC. The firm criticized the SEC, saying it had been ineffective and disrespected under Gensler’s leadership.

The letter noted that the SEC failed to detect fraud at FTX, Celsius, and Genesis before their collapses. Messari argued that the regulator’s litigation against crypto firms had become politically motivated rather than focused on detecting fraud.

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

“The cryptocurrency industry’s case against the SEC has gained momentum in recent weeks following a pair of Supreme Court decisions that weakened the agency’s internal administrative jurisdictions and Chevron’s compliance. There are open questions about the agency’s legal mandate to regulate cryptocurrency markets at all under the principal questions doctrine.”

It further stated that the SEC’s actions threaten America’s leadership in the cryptocurrency sector. As a result, Messari will cease all contact with the SEC until reforms are implemented.

The conclusion was:

“For these and other reasons, Messari will no longer engage with the SEC in any formal or informal capacity until it is reformed and its leadership is changed. We currently view the agency as a hostile adversary, competitor, and an unnecessary federal regulator.”

Messari said he plans to challenge the SEC’s right to operate in this emerging industry in the coming months in court and in Congress.

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