The crypto market intelligence platform, Messari, recently made headlines by declaring independence from the Securities and Exchange Commission (SEC). CEO Ryan Selkis boldly stated that the company will be waging a war against the regulator, citing the SEC’s stringent approach to the emerging industry. This move signifies a significant shift in the relationship between crypto firms and regulatory bodies.
Messari’s draft letter highlights the company’s dissatisfaction with the SEC’s handling of the crypto industry. The letter points out the regulator’s failures in detecting fraud at companies like FTX, Celsius, and Genesis before their collapses. It also criticizes the SEC’s litigation against crypto firms, claiming it has become politically motivated rather than focused on fraud detection. Messari argues that recent court rulings have undermined the SEC’s authority to regulate the crypto markets.
One of Messari’s main concerns is the SEC’s actions threatening America’s leadership in the crypto sector. The company believes that the regulator’s approach could hinder the growth and innovation of the industry, ultimately putting the country’s position at risk. As a result, Messari has decided to cease all engagements with the SEC until reforms are implemented.
Messari has announced its plans to challenge the SEC’s legitimacy over the emerging industry through both the courts and Congress. By taking a stand against the regulator, the company is sending a clear message that it will not tolerate what it deems as ineffective and disrespectful actions. This move could have far-reaching implications for the future of crypto regulation in the United States.
Messari’s decision to declare independence from the SEC marks a significant moment in the ongoing battle between crypto firms and regulatory bodies. The company’s bold stance against the regulator’s approach to the industry could set a precedent for others to follow. Only time will tell how this confrontation will unfold and what impact it will have on the future of crypto regulation in the United States.