Messari, a prominent US-based crypto market intelligence platform, has sent shockwaves through the industry by declaring independence from the Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, did not mince his words when he stated that the company will be launching a war against the SEC, accusing the regulatory body of corruption and illegitimacy. This bold move showcases Messari’s commitment to taking a stand against what they perceive as oppressive regulation in the crypto space.
In a draft letter that was made public, Messari criticized the SEC’s approach to regulating the crypto industry. The firm pointed out the SEC’s failure to detect fraud at various crypto firms before their collapses, highlighting the alleged ineffectiveness and incompetence of the regulatory body under the leadership of Chair Gary Gensler. The letter also accused the SEC of pursuing politically motivated litigation against crypto companies instead of focusing on genuine fraud detection efforts.
Moreover, Messari raised questions about the legal mandate of the SEC to regulate crypto markets, citing recent court rulings that have weakened the agency’s authority. The letter emphasized that the SEC’s actions pose a threat to America’s leadership in the crypto sector and called for significant reforms within the regulatory body before any further engagements could take place. Messari’s decision to view the SEC as a hostile adversary and competitor signals a significant shift in the dynamics between industry players and regulatory authorities.
Looking ahead, Messari has outlined its strategy to challenge the SEC’s legitimacy over the crypto industry through legal means and engagement with policymakers in Congress. By taking this decisive stance, Messari is positioning itself as a vocal advocate for regulatory reform and transparency within the crypto space. This move could potentially set a precedent for other industry players to reassess their relationships with regulatory bodies and demand accountability and fairness in regulatory practices.
Messari’s declaration of independence from the SEC marks a pivotal moment in the ongoing debate surrounding crypto regulation. By publicly denouncing the SEC and vowing to fight against what they perceive as unjust practices, Messari has set the stage for a potential showdown between industry stakeholders and regulatory authorities. Only time will tell how this bold move will impact the future of crypto regulation and the relationship between companies operating in this space and the regulatory bodies tasked with overseeing them.
