Crypto intelligence platform Messari has announced its decision to break away from the U.S. Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, has openly criticized SEC Chair Gary Gensler, accusing him of incompetence and corruption.
Messari intends to challenge the legitimacy of the SEC through various channels, including legal action, engagement with Congress, and media campaigns. The company argues that advancements in technology have made the SEC's functions obsolete, and that private market participants are better equipped to serve public interests.
Selkis stated on a social media platform that Messari has severed ties with the SEC, referring to the agency as "illegitimate and corrupt." He also shared a draft document that outlines the company's grievances, which will be refined and submitted to the SEC and Congress.
Messari has chosen to treat the SEC as a rival and unnecessary regulator, no longer engaging with the agency in any capacity until it undergoes reform and changes its leadership. The company believes that public blockchains and technologies like artificial intelligence will revolutionize financial asset issuance and settlement, making traditional regulatory structures less effective in uncovering fraud and abuse.
The company asserts that the SEC's approach to regulating the crypto industry is ineffective, and questions the agency's mandate in overseeing crypto markets. Messari warns that continued reliance on the SEC will hinder the United States' position as a leader in crypto innovation.
In the coming months, Messari plans to execute its strategy of challenging the legitimacy of the SEC through legal avenues, engagement with Congress, and media initiatives.
What are your thoughts on Messari's decision to declare independence from the SEC? Do you agree with their assessment that the SEC is corrupt and illegitimate, and that Gary Gensler is both corrupt and incompetent? Share your opinions in the comments section below.