Messari, a prominent US-based crypto market intelligence platform, has recently made a bold declaration of independence from the Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, openly criticized the SEC and its Chair Gary Gensler, accusing them of corruption and illegitimacy. This move signifies a pivotal moment in the relationship between the crypto industry and regulatory authorities in the United States.
In a draft letter released by Messari, the company highlighted its positive experiences with regulators in other countries while expressing dissatisfaction with its dealings with the SEC. The firm went on to condemn the SEC for its perceived ineffectiveness and lack of respectability under Chair Gensler’s leadership. Among the key points of contention raised by Messari was the SEC’s failure to detect frauds at companies like FTX, Celsius, and Genesis before their eventual collapses. The letter also criticized the regulator for allegedly pursuing politically motivated litigation against crypto firms rather than focusing on fraud prevention.
Messari’s critique extended to recent court rulings that seem to undermine the SEC’s authority to regulate the crypto markets. The letter pointed out that the agency’s actions have raised doubts about its legal mandate to oversee the industry under the major questions doctrine. Moreover, Messari warned that the SEC’s actions could jeopardize America’s position as a leader in the crypto sector. As a result, the company announced its decision to disengage from any form of interaction with the SEC until significant reforms are implemented.
Looking ahead, Messari has outlined its plans to challenge the SEC’s legitimacy and authority in the crypto space through legal avenues and engagement with Congress. By positioning itself as a vocal critic of the SEC’s regulatory approach, Messari hopes to spark a broader conversation about the future of crypto regulation in the United States. This bold stance taken by Messari marks a new chapter in the ongoing battle for regulatory clarity and legitimacy within the crypto industry.
Messari’s rebellion against the SEC underscores the growing tensions between crypto companies and regulatory authorities. The company’s decision to break away from the SEC reflects a broader frustration within the industry over the perceived overreach and inefficacy of current regulatory frameworks. As Messari prepares to challenge the status quo and advocate for reforms, the outcome of this confrontation will undoubtedly shape the future of crypto regulation in the United States.
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