TL;DR
- Ryan Selkis, CEO of Messari, declares independence from the SEC and criticizes its management.
- Selkis plans legal and media action against the SEC, citing its failures in fraud prevention.
- The community reacts strongly, anticipating a significant impact on the sector.
In a bold move, Ryan Selkis, the CEO of crypto intelligence firm Messari, has declared his company’s “independence” from the SEC (US Securities and Exchange Commission).
Selkis shared a draft letter on X, where he openly criticized SEC Chairman Gary Gensler, calling his administration corrupt and ineffective.
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
According to Selkis, the SEC’s regulatory authority over cryptocurrency markets is illegitimate, citing its failures in fraud prevention and recent Supreme Court decisions as grounds for his challenge.
Selkis does not limit himself to criticism; his strategy includes a multifaceted approach that includes legal action, appeals to Congress and media campaigns.
Its goal is to show that the SEC’s regulatory efforts have hurt US-based blockchain companies and that Messari’s track record, such as identifying problems at Mt. Gox, FTX, and Genesis Capital, proves its methods are more effective than the SEC’s.
Selkis plans to polish and improve the draft of his letter before sending it to the SEC and Congress in the coming weeks.
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
The reaction from the crypto community has been intense and significant.
Crypto analyst MartyParty highlighted recent legal developments, such as the Supreme Court’s Chevron case precedent and the SEC’s dismissal of charges against Binance, as evidence that the SEC’s regulatory position is weakening.
Many in the community believe that Selkis should also incorporate the Ripple vs. SEC case into his narrative, as XRP is the only cryptocurrency to have ever been granted legal status in US history.
Ripple has repeatedly criticized the SEC’s overreach into crypto assets, and it will be interesting to see how Messari’s stance influences future regulatory decisions.
Potential Impact on the Crypto Industry
Selkis declaration of independence and call to action reflect a growing tension between innovative crypto firms and traditional regulatory bodies.
Selkis stance could mark a turning point in the industry, encouraging more players in the sector to challenge regulations perceived as unfair or harmful.
Furthermore, the crypto community appears to be united in its support for this cause, with many highlighting that a victory against the SEC could open the door to a more favorable environment for growth and innovation in the sector.
The next few months will be crucial to watch how these events unfold and what impact they will have on cryptocurrency regulation in the US.
If Selkis strategy is successful, it could set an important precedent and redefine the relationship between firms and regulators.
For now, the industry is at a crossroads, and Selkis actions could determine the future direction of the crypto market in the United States and potentially the entire world.
The open war against the SEC is not only a legal and political battle, but also a fight for the future of innovation and freedom in the cryptocurrency space.
