Messari CEO Declares Independence from SEC
Messari CEO Ryan Selkis made a bold statement against the US Securities and Exchange Commission (SEC) and its Chair Gary Gensler in a draft letter released on Sunday. Selkis announced that Messari would cease all engagements with the SEC until significant reforms are implemented and current leadership is replaced.
In his letter posted to X (formerly Twitter), Selkis stated, “We now treat the agency as a hostile adversary, competitor, and superfluous federal regulator”.
Messari Slams SEC’s Crypto Approach
The SEC has been intensifying its scrutiny of the crypto industry, targeting not only companies that sell digital tokens but also platforms, clearing services, and broker-dealer activities. Under the leadership of Chair Gary Gensler, this crackdown is anticipated to continue. Wealthy crypto firms are pushing back, accusing the SEC of overstepping its legal boundaries.
Selkis criticized the SEC methods, arguing that the agency has failed to effectively prevent fraud, citing missed cases such as FTX and Celsius. He also claimed that the SEC’s legal actions against prominent crypto firms like Coinbase, Kraken, and Gemini seem politically motivated rather than focused on curbing actual fraud.
Messari CEO Calls for a Regulatory Reboot for Crypto
In his draft letter, Selkis went further, suggesting that Chair Gensler might be corrupt. He highlighted Gensler’s failure to provide clear regulatory guidelines for cryptocurrencies, particularly regarding the definition of a security. According to Selkis, this regulatory ambiguity is stifling the growth of the US crypto market.
Selkis also warned that the US risks falling behind in the global crypto race if it continues to rely on the SEC’s current approach. He noted that regulators in Europe, the Middle East, and Asia are already ahead in establishing clear rules for cryptocurrencies.
The draft letter is expected to be revised and sent to the SEC’s commissioners, as well as Congressional representatives and senators, aiming to advocate for a more favorable regulatory environment for the crypto industry.
