Messari, a prominent US-based crypto market intelligence platform, has taken a bold and decisive step by declaring independence from the Securities and Exchange Commission (SEC). This move comes in response to the perceived stringent approach of the regulatory body towards the emerging industry. In a statement on July 7, Ryan Selkis, CEO of Messari, made it clear that the platform is no longer willing to operate under the shadow of the SEC, particularly under the leadership of Chair Gary Gensler.
The draft letter published by Messari highlighted the platform’s successful interactions with regulators in other countries while expressing frustrations with the SEC. It criticized the regulator for being ineffective and disrespectful under Chair Gensler’s leadership. Messari specifically pointed out the SEC’s failure to identify frauds at major crypto firms such as FTX, Celsius, and Genesis before their eventual collapses. The firm further argued that the SEC’s litigation against crypto companies seemed to be politically motivated rather than driven by a genuine desire to combat fraud.
The letter from Messari also raised concerns about recent court rulings, such as Jarkesy and Loper-Bright, which have weakened the SEC’s authority to regulate the crypto markets. The platform suggested that the SEC’s legal mandate to oversee the industry is now in question, particularly in light of recent Supreme Court decisions. Moreover, Messari warned that the SEC’s actions could jeopardize America’s leadership position in the crypto sector if left unchecked.
As a result of these concerns, Messari announced that it would no longer engage with the SEC until fundamental reforms are implemented within the regulatory body. The platform emphasized its stance by treating the SEC as a “hostile adversary, competitor, and superfluous federal regulator.” Messari’s plan to challenge the SEC’s legitimacy through legal and legislative channels signals a potential standoff between the two entities in the months to come.
The battle of independence between Messari and the SEC underscores the evolving landscape of the crypto industry and the challenges posed by regulatory oversight. As these two entities prepare to face off in the courts and Congress, the outcome of this conflict could have far-reaching implications for the future of crypto regulation in the United States. Only time will tell how this saga unfolds and what it means for other players in the industry.