Messari Declares Independence from SEC, Citing Corruption and Ineffectiveness

• Messari declared that it will no longer engage with the SEC citing the agency’s alleged counterproductive approach to crypto markets.
• Messari plans to challenge the SEC’s legitimacy and effectiveness in regulating crypto markets through courts, Congress, and media efforts.
• The declaration accuses the SEC, particularly under Chair Gary Gensler, of corruption, incompetence.

Messari, a leading provider of crypto market intelligence, has publicly declared its independence from the U.S. Securities and Exchange Commission (SEC) stating they will no longer engage with the agency. CEO Ryan Selkis, in a post on his X account, outlined Messari’s reasons for the declaration.

A Bold Move in the Crypto World

The document, which is being framed as a “Declaration of Independence,” describes the agency as a “hostile adversary, competitor, and superfluous federal regulator.” It criticizes the SEC for its handling of crypto regulation, alleging that the agency operates more for the benefit of its employees and traditional financial entities than for the public it is meant to protect. The statement read,

The U.S. Securities and Exchange Commission is no longer a serious or respectable federal agency. Its current Chair is corrupt, counterproductive, and feckless.

He pointed to recent failures to prevent high-profile crypto collapses such as FTX and Celsius as evidence of the SEC’s ineffectiveness.

Expanding Mission and Global Reach

Messari’s declaration goes beyond just a break from the SEC. The company asserts that it has significantly expanded its mission over the past year, positioning itself as a leader in leveraging public blockchain technology for financial reporting and transparency across global markets. The document stated,

While we enjoy constructive and fruitful working relationships with other regulators across the globe, no such path is feasible with this SEC.

Messari aims to offer solutions that are “better, faster, and cheaper” than those provided by the SEC, without relying on taxpayer funding.

The declaration highlights Messari’s global service achievements, citing their role in uncovering financial irregularities at several major crypto firms. According to the document, Messari has been instrumental in exposing issues at entities such as Mt. Gox, FTX, and Genesis Capital, positioning the company as a crucial player in maintaining market integrity.

Legal and Political Challenges Ahead

Messari’s strategy involves a multifaceted approach to challenging the SEC’s authority. The declaration outlines plans to take legal, political, and media actions to contest the agency’s role in regulating the crypto markets. 

Ripple Fights Back: Rejects SEC’s Reduced Penalty, Challenges Crypto Regulation

Firstly, Messari intends to litigate against the SEC, challenging its legal authority over crypto markets in court. This move is particularly significant in light of recent Supreme Court decisions that have questioned the regulatory mandate of the SEC.

In addition to the legal challenges, Messari plans to lobby Congress and to engage with lawmakers to highlight what they view as the SEC’s overreach and incompetence in regulating the crypto industry. Moreover, Messari intends to launch a comprehensive media campaign to expose what it claims are the SEC’s failures and instances of corruption.