Ryan Selkis, CEO of Messari, has declared that his company will cut off all connections with the US Securities and Exchange Commission (SEC).
This bold move comes as Selkis accuses the SEC of failing its regulatory duties and plans to challenge its authority. In a draft letter shared on July 7, Ryan Selkis, CEO of blockchain analytics company Messari, said the firm will no longer work with the SEC in any way.
Selkis criticized SEC Chair Gary Gensler’s leadership, calling it corrupt and harmful, and claimed that the SEC’s actions have not helped citizens.
GM.I've declared independence from the SEC and its corrupt Chair Gary Gensler.In the months ahead, Messari will be operationalizing a war against this illegitimate and corrupt agency.The draft below will be polished, improved, then sent to the SEC and Congress. pic.twitter.com/okVWKMhDSz
— Ryan Selkis (d/acc) (@twobitidiot) July 7, 2024
Accusations of Incompetence
The letter outlines various instances showcasing the SEC’s incompetence, including its failure to detect and prevent frauds involving collapsed crypto entities like FTX and Genesis. Selkis argued that private actors, such as public blockchains and privately funded investigative journalism, could better provide full disclosure for users and identify fraudulent activities.
Messari’s letter announced a multifaceted strategy to challenge the SEC on multiple fronts. This approach includes legal battles in court, media campaigns, and appeals to Congress.
Support from the Crypto Community
The letter has caught the crypto community’s attention, with many praising its intentions. Some are urging more crypto firms to sign the letter, forming a group of organizations against the SEC.
The SEC regulated the emerging digital assets area in the past year using strict measures under Gensler’s leadership. The organization has sued various popular companies that deal with cryptocurrencies, including Coinbase, Bittrex, and Binance. Equally important, it has classified other cryptocurrency assets as securities, including Polygon and Solana.
This regulatory approach has upset many people in the industry. Ethereum co-founder Vitalik Buterin recently criticized the current rules, saying they harm the crypto industry by making it hard for well-meaning developers to do their work. Despite these criticisms, Gensler insists that most digital assets are securities and that the industry must follow local laws.
Messari’s choice of leaving the commission and outrightly refusing to be under the authority of the SEC clearly defines the crypto organizations’ stand in the current standoff with regulatory bodies. At the moment, the company is getting ready for the trial, which could affect the future of crypto regulation in the United States.
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