Messari Declares Independence From SEC — Calls Chair Gensler Incompetent and Corrupt

• Crypto intelligence platform Messari has declared independence from the US Securities and Exchange Commission (SEC). 
• CEO Ryan Selkis calls SEC Chair Gary Gensler incompetent and corrupt. 
• Messari plans to challenge the SEC’s legitimacy through legal, congressional, and media avenues, arguing that modern technologies render the agency’s functions redundant and that private market actors are better suited to meet public needs.

Messari Will Be Operationalizing a War Against SEC

US-based crypto intelligence platform Messari has declared independence from the U.S. Securities and Exchange Commission (SEC). In a post on social media platform X on Sunday, Messari founder and CEO Ryan Selkis wrote:

“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.”

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

He also shared a draft that will be “polished, improved, then sent to the SEC and Congress.” The draft explains that modern technologies have rendered the SEC’s functions redundant and that the agency now primarily serves its own interests rather than those of the public or the markets it regulates. Additionally, Messari stated, “SEC Chair Gary Gensler is not only incompetent, but corrupt.”

The firm added:

“Messari will no longer engage with the SEC in any formal or informal capacities until it is reformed and its leadership changed. We now treat the SEC as a hostile adversary, competitor, and superfluous regulator.”

Believing that public blockchains and modern technologies like AI will transform financial asset issuance and settlement, Messari asserts that private market actors are better suited to meet public needs. 

The company argues that investigative journalism is more effective in uncovering fraud and abuse than traditional regulatory structures.

Asserting that the SEC’s approach to crypto is ineffective, its leadership corrupt, and its mandate to regulate crypto markets questionable, Messari warned that continued deference to the SEC will result in the U.S. losing its leadership in crypto innovation. The firm concluded:

In the weeks and months ahead, we will fully operationalize our strategy to challenge the SEC’s legitimacy via the courts, Congress, and media.

What do you think about Messari’s declaration of independence from the SEC? Do you think the SEC is illegitimate and corrupt and its Chair Gary Gensler is corrupt and incompetent? Let us know in the comments section below.