Messari, a leading US crypto market intelligence platform, has declared its independence from the Securities and Exchange Commission (SEC), citing the regulator’s strict approach to the emerging industry.
On July 7, Messari CEO Ryan Selkis stated:
“I have declared independence from the SEC and its corrupt Chairman Gary Gensler. In the coming months, Messari will operationalize a war against this illegitimate and corrupt organization.”
Why is Messari cutting ties with the SEC?
In a draft letter published on The company criticized the SEC, claiming it had been ineffective and disrespectful under Chairman Gensler.
The letter noted that the SEC failed to uncover fraud at FTX, Celsius and Genesis before they filed for bankruptcy. Messari argued that the regulator’s lawsuits against crypto companies have become politically motivated rather than focused on detecting fraud.
Messari went on to say that recent court decisions, including Jarkesy and Loper-Bright, have undermined the SEC’s claim to regulate the crypto markets. According to the letter:
“The crypto industry’s cases against the SEC have gained significant momentum in recent weeks following two Supreme Court rulings that weakened the agency’s internal administrative courts and Chevron’s deference. There are open questions about the agency’s legal mandate to regulate crypto markets at all under the Big Questions doctrine.”
Furthermore, it stated that the SEC’s actions threaten US leadership in the crypto sector. As a result, Messari will cease all contact with the SEC until reforms are implemented.
It concluded:
“For these and other reasons, Messari will no longer work with the SEC in a formal or informal capacity until it is reformed and its leadership is changed. We are now treating the agency as a hostile adversary, competitor and redundant federal regulator.”
Messari said it plans to challenge the SEC’s legitimacy over the emerging industry through the courts and Congress in the coming months.