Messari CEO released a draft announcing his disapproval of the SEC in his X account.
In the past few months, the regulator has filed multiple lawsuits against cryptocurrency firms.
Leading US-based Market intelligence firm, Messari has abandoned all connections with the SEC. The firm’s CEO released a strong-worded statement, lashing out at the regulator’s corrupt activities and pointing to its ‘unjust’ actions. In the past few months, multiple cryptocurrency firms have found themselves under the scrutiny of the SEC and its chair Gary Gensler.
Ryan Selkis, the CEO in his X account published a detailed draft, explaining the reasons for this declaration and Messari’s plans ahead. Moreover, he also pointed to the SEC’s declaration of a “crypto-war” and stated that the firm would fight to win it against the commission.
In the draft, he stated:
“Messari will no longer engage with the SEC in any formal or informal capacities until it is reformed and its leadership changed. We now treat the agency as a hostile, adversary, competitor, and superfluous federal regulator.”
Secondly, the CEO indicated the SEC’s lack of competence in reporting important attacks and fraudulent activities in the market. Messari was observed providing faster and more valid information about recent frauds – Mt.Gox bankruptcy, FTX bankruptcy, and Genesis Capital bankruptcy. The SEC, he states, is more focused on its interests regarding crypto and has taken a backseat in serving the US citizens.
Thirdly, Selkis pointed to SEC’s chair Gary Gensler, referring to his alleged fraud and incompetency. The Messari CEO stated that Gensler’s leadership was ‘incompetent’ and his approach towards crypto regulations was neither rational nor consistent.
What Lies Ahead for Messari After Abandoning the SEC?
Ryan Selkis presented a set of strategies for Messari to follow in the coming months. The strategies included the firm’s goal to become an information provider for the crypto market that is legitimate, cheaper, faster, and under ‘no taxpayer expense’.
Additionally, Selkis stated that private information providers are more reliable due to their advanced technology. Furthermore, he said that the technology helps verify the SEC’s legitimacy and subsequently lose faith in its verdict.
Messari plans to subvert, and challenge the SEC’s legitimacy via ‘courts, Congress and media.’ Selkis’s outright, straightforward, and bold statement has caught the crypto market’s attention and sparked quite a debate.
Meanwhile, the overall crypto market enters the week continuing the price drop as leading cryptocurrencies including Bitcoin have failed to show price recovery according to CMC data.
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