Messari CEO Writes Confrontational Draft Letter Asserting Independence From SEC
On July 6, 2024, Ryan Selkis, the CEO of crypto intelligence firm Messari, took a bold stance against the US Securities and Exchange Commission (SEC), declaring his company’s “independence” from the regulatory agency. Selkis openly positioned himself as an adversary of the SEC under the Biden administration, which has caught the attention of US crypto investors who are hoping for a more favorable regulatory environment. The recent setbacks the SEC has faced in its cases against Binance and Ripple indicate that the tides are turning.
In a draft letter shared by Selkis, he expressed his intention to wage a “war” against the SEC, criticizing the agency’s corrupt and ineffective approach to regulating the crypto industry. He specifically called out SEC Chair Gary Gensler for his incompetence and argued that the SEC’s authority over crypto markets is illegitimate. Selkis cited the agency’s failures in preventing fraud and recent Supreme Court decisions as reasons for challenging their regulatory power.
Selkis has outlined a comprehensive plan to confront the SEC, which includes taking legal action, appealing to Congress, and launching media campaigns. He intends to argue that the SEC’s regulations have caused losses for US-based crypto firms, while highlighting Messari’s track record in identifying issues at major crypto entities like Mt. Gox, FTX, and Genesis Capital. Selkis believes that Messari’s methods are more effective than the SEC’s and should be given more credibility.
The draft letter will be refined and ultimately sent to Congress in the coming weeks. This stance taken by Selkis reflects a growing divide between innovative crypto firms and traditional regulatory bodies, which could have significant implications for the industry as a whole.
The crypto community has reacted strongly to Selkis’s declaration. Many have pointed out recent legal developments that have weakened the SEC’s position, such as the Supreme Court’s Chevron case precedent and the dismissal of the SEC vs. Binance charges. These events suggest a shift in jurisdiction away from the SEC, potentially signaling the end of its regulatory dominance over the crypto market.
While most agree with Messari’s stance against the SEC, some believe that Selkis should also include the SEC’s handling of the Ripple case in his arguments. Ripple has been critical of the SEC’s overreach in regulating crypto assets and has challenged the agency in court. It will be interesting to see how Messari’s perspective on the SEC influences future decisions and the overall regulatory landscape.
Tags: Crypto Regulations