On July 6, 2024, Ryan Selkis, CEO of crypto intelligence firm Messari, made a bold move against the SEC, declaring his firm’s “independence” from the agency. He has openly declared himself an enemy of the US SEC run under Biden’s administration. This is going to be huge as US crypto investors are rooting for a pro-governance win in the US presidential elections. SEC’s recent setbacks in Binance and Ripple cases prove that times are changing.
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
An Open War with SEC
In a draft letter shared on X, Selkis expressed his intent to wage a “war” against the SEC, criticizing the agency’s approach to crypto regulation as corrupt and ineffective.
He accused SEC Chair Gary Gensler of incompetence and claimed the SEC’s regulatory authority over crypto markets is illegitimate, citing failures in fraud prevention and recent Supreme Court decisions as grounds for their challenge.
What’s the Plan?
Selkis’s plan involves a multi-faceted approach including legal actions, Congressional appeals, and media campaigns. He plans to argue that the SEC has guaranteed losses for U.S.-based crypto firms and that Messari’s track record—such as uncovering issues at Mt. Gox, FTX, and Genesis Capital—proves their methods are more effective than the SEC’s.
The draft letter is set to be refined and sent to Congress in the coming weeks. This stance reflects a growing divide between innovative crypto firms and traditional regulatory bodies, with potential for significant industry impact.
The crypto community is reacting strongly to Selkis’s move. MartyParty a crypto analyst, highlighted recent legal developments that weaken the SEC’s position, including the Supreme Court’s Chevron case precedent and the dismissal of SEC vs. Binance charges. He believes these events have shifted jurisdiction away from the SEC, signaling a potential end to its regulatory dominance over the crypto market.
While the majority believe that Messari should also include Ripple vs SEC in his narrative since XRP is the only crypto which is got legal status in US history. The SEC’s overreach on crypto assets has been criticized by Ripple many times. It will be interesting to see how Messari’s view of the SEC will affect future decisions.
