Messari, a prominent US-based crypto market intelligence platform, has made a bold declaration of independence from the Securities and Exchange Commission (SEC). The CEO, Ryan Selkis, announced this decision, citing the regulator’s strict approach to the growing crypto industry. This move signifies Messari’s dissatisfaction with the SEC and its leadership under Chair Gary Gensler.
In a draft letter shared by Messari, the company highlighted its successful interactions with regulators in other countries, emphasizing its struggles with the SEC. The letter criticized the SEC for its ineffectiveness and lack of credibility under Chair Gensler’s leadership. It pointed out the SEC’s failure to detect fraud at companies like FTX, Celsius, and Genesis before their downfalls. Messari claimed that the regulator’s litigations against crypto firms have become politically motivated rather than a genuine effort to uncover fraudulent activities.
Furthermore, Messari expressed concerns that the SEC’s actions could jeopardize America’s position as a leader in the crypto industry. As a result, the company has decided to halt all interactions with the SEC until significant reforms are made. This decision reflects Messari’s view of the SEC as a hostile entity that hinders progress and innovation in the crypto space.
Looking ahead, Messari intends to challenge the SEC’s authority over the crypto industry through legal avenues and engagement with Congress. The company aims to bring about change in the regulatory landscape to promote a more conducive environment for crypto businesses to thrive. The decision to confront the SEC demonstrates Messari’s commitment to pushing back against what it perceives as unjust treatment and overreach by the regulatory body.
Messari’s declaration of independence from the SEC marks a significant turning point in the relationship between the two entities. The crypto platform’s decision to take a stand against the regulator signals a broader shift in the industry’s attitudes towards regulatory bodies. It remains to be seen how this conflict will unfold in the coming months and what implications it will have for the future of crypto regulation in the United States.
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