On July 6, 2024, Ryan Selkis, CEO of crypto intelligence firm Messari, made a dramatic declaration: his company is officially severing ties with the U.S. Securities and Exchange Commission (SEC), positioning itself as an adversary to the agency under President Biden’s administration. This announcement is likely to stir significant interest among U.S. crypto investors, who are hoping for a pro-crypto victory in the upcoming presidential elections.
The SEC’s recent stumbles in high-profile cases against Binance and Ripple suggest that things are changing – fast.
A Defiant Declaration
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 strategy encompasses a range of actions, including legal battles, appeals to Congress, and public relations campaigns. He aims to demonstrate that the SEC has failed U.S.-based crypto firms and to prove that Messari’s track record—highlighted by its investigations into Mt. Gox, FTX, and Genesis Capital—shows a more effective approach than that of the SEC.
The draft letter, set to be refined and submitted to Congress soon, represents a growing rift between forward-thinking crypto firms and traditional regulatory bodies. This could have far-reaching implications for the industry.
The crypto community is buzzing with reactions to Selkis’s bold stance. Analyst MartyParty noted that recent legal developments, such as the Supreme Court’s Chevron case precedent and the dismissal of charges in the SEC vs. Binance case, have weakened the SEC’s position. MartyParty believes these events indicate a shift away from SEC jurisdiction, potentially ending its regulatory dominance over the crypto market.
There is widespread speculation that Selkis should also address the Ripple vs. SEC case, given that XRP is the only cryptocurrency with a legal status in U.S. history. Ripple has frequently criticized the SEC’s overreach on crypto assets. It will be intriguing to see how Selkis’s perspective on the SEC influences future regulatory decisions.
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Crypto vs. SEC: Who’s winning this war?
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