TL;DR
- Messari, a blockchain analysis and security firm, has officially announced its decision to completely sever ties with the United States Securities and Exchange Commission (SEC).
- Ryan Selkis, CEO of Messari, argues that the regulatory agency has not only been ineffective in overseeing the crypto market but has also adopted a detrimental approach to the industry.
- The decision also involves an active commitment to challenging the agency’s authority in courts and before the United States Congress.
Messari, a blockchain analysis and security firm, has announced its complete break with the United States Securities and Exchange Commission (SEC), accusing the regulatory entity of being “illegitimate and corrupt.” The announcement comes amid growing tension between the cryptocurrency sector and U.S. authorities, led by SEC Chairman Gary Gensler.
Ryan Selkis, CEO of Messari, led the announcement declaring a “regulatory war” against the SEC, arguing that the agency has not only been ineffective in supervising the crypto market but has also acted detrimentally and politically instead of focusing on genuine fraud detection. Selkis was emphatic in stating that under Gensler’s leadership, the SEC has lost its respect and credibility as a serious federal regulatory agency.
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
Messari’s decision entails not only ceasing all collaboration with the SEC but also actively challenging its authority in courts and before the United States Congress. The firm plans to present legal arguments against the SEC’s legitimacy, citing recent judicial decisions that question the agency’s regulatory mandate over cryptocurrencies.
Messari Slams SEC’s Operational Stupidity
Messari has expressed concern about the impact of the SEC’s regulatory policies on the United States‘ leadership position in the global cryptocurrency sector. According to its statements, these actions could jeopardize innovation and development within the crypto market in the U.S., adversely affecting the country’s competitiveness in a rapidly growing technological and financial sphere.
The reason so many feel like crypto is stagnating is because we are stuck in trench warfare with corrupt bureaucrats.
Real progress can only be made once we’ve won a just war. Join the fight! https://t.co/HWiCXNIy2d
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) July 7, 2024
This radical shift marks a turning point in the relationship between crypto companies and regulatory authorities in the U.S., suggesting a future of increased legal and political confrontation as both parties seek to define the appropriate regulatory framework for the cryptocurrency industry. Messari’s stance reflects widespread frustration and discontent within the crypto community regarding the current regulatory direction.
Messari positions itself as a staunch advocate for a fair and effective regulatory environment that promotes innovation and protects investors without stifling the disruptive potential of emerging technologies like cryptocurrencies.
