On July 7, Ryan Selkis, Messari CEO, stated:

“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.”

Why is Messari severing SEC ties?

In a draft letter published on X, Messari highlighted its successful engagements with regulators in other countries, contrasting it with its struggles with the SEC. The firm criticized the SEC, claiming it has been ineffective and disrespectable under Chair Gensler.

The letter noted the SEC’s failure to uncover frauds at FTX, Celsius, and Genesis before their collapses. Messari argued that the regulator’s litigation against crypto firms has become politically motivated rather than focused on fraud detection.

Messari continued that recent court rulings, including Jarkesy and Loper-Bright, have undermined the SEC’s claim to regulate crypto markets. According to the letter:

“The crypto industry’s cases against the SEC have gained significant strength in recent weeks following two Supreme Court decisions that weaken the agency’s internal administrative courts and Chevron deference. There are open questions as to the agency’s legal mandate to regulate the crypto markets at all under the major questions doctrine.”

Additionally, it stated that the SEC’s actions threaten America’s leadership in the crypto sector. As a result, Messari will cease all engagements with the SEC until reforms are implemented.

It concluded:

“For these and other reasons, 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 agency as a hostile adversary, competitor, and superfluous federal regulator.”

Messari said it plans to challenge the SEC’s legitimacy over the emerging industry through the courts and Congress in the coming months.

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