Messari CEO declares independence from SEC in devastating draft letter

On July 6, 2024, Ryan Selkis, CEO of crypto-intelligence firm Messari, made a dramatic announcement: his company is officially cutting ties with the U.S. Securities and Exchange Commission (SEC), positioning itself as an opponent of the agency under President Biden. The announcement is likely to generate significant interest among U.S. crypto investors who are counting on a cryptocurrency victory in the upcoming presidential election.

The SEC’s recent stumbles in high-profile cases against Binance and Ripple indicate that this is changing – and fast.

A defiant declaration

In a draft letter shared on X, Selkis expressed his intention to declare “war” on the SEC, criticizing the agency’s approach to regulating cryptocurrencies as unfair and ineffective.

He accused SEC Chairman Gary Gensler of incompetence and said the SEC’s regulatory authority over cryptocurrency markets is illegal. He cited failures to prevent fraud as well as recent Supreme Court rulings as grounds for challenging that authority.

What’s the plan?

Selkis’ strategy involves a range of actions, including legal battles, congressional appeals, and public relations campaigns. His goal is to show that the SEC has failed U.S. crypto firms and to prove that the Messari story — highlighted by investigations into Mt. Gox, FTX, and Genesis Capital — demonstrates a more effective approach than the SEC’s.

The draft letter, soon to be finalized and filed with Congress, represents a growing rift between forward-thinking crypto companies and traditional regulators that could have far-reaching implications for the industry.

The cryptocurrency community is buzzing with reaction to Selkis’ bold stance. Analyst MartyParty noted that recent legal events, such as the landmark Chevron Supreme Court case and the dismissal of charges in the SEC vs. Binance case, have weakened the SEC’s position. MartyParty believes that these events indicate a shift away from the SEC’s jurisdiction, potentially ending its regulatory dominance over the cryptocurrency market.

There is widespread speculation that Selkis should also take on the Ripple vs. SEC case, given that XRP is the only cryptocurrency with legal status in U.S. history. Ripple has frequently criticized the SEC’s excessive influence over crypto assets. It will be interesting to see how Selkis’ perspective on the SEC affects future regulatory decisions.

Also Read: FTX’s $16 Billion Payout: Key Dates to Watch for Bitcoin’s Next Move!

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