Ryan Selkis: A Crypto Pioneer's Journey to Washington

• Ryan Selkis: Crypto's Vocal Advocate and Political Influencer
• Political Action Committee - Fairshake
• Recognition of Influence
• Controversial Public Persona
• Outlook on Cryptocurrency Regulation
• Pursuit of Political Presence
• Digital Freedom Alliance
• Approach to Regulation
• The Role of Messari

Ryan Selkis: Crypto's Vocal Advocate and Political Influencer

In the world of crypto, Ryan Selkis is not an anonymous figure. Known for his vociferous criticisms of U.S. regulatory bodies, especially the U.S. Securities and Exchange Commission (SEC) and its Chair Gary Gensler, Selkis has become a mainstay on various social media platforms. As the founder and CEO of Messari, an analytics and data provider, he has dedicated the last two years to creating a political fundraising powerhouse, designed to influence the 2024 elections.

Political Action Committee - Fairshake

Recently, Selkis passed the reins of this project to Fairshake, a political action committee (PAC). The PAC is reported to have a war chest close to $15 million. In October, CEO of leading U.S. cryptocurrency exchange Coinbase, Brian Armstrong, revealed that he had personally donated $1 million to Fairshake with hopes that the PAC would raise upwards of $50 million.

Fairshake has already begun utilizing its funds. It spent $1.2 million on television ads for House candidates in recent months, according to a report by Politico in November.

Recognition of Influence

In acknowledgement of his efforts, Selkis has been recognized as one of the top 10 most influential people in crypto for 2023. His controversial public persona, however, is one that divides opinion.

Controversial Public Persona

Selkis' outspoken nature has drawn criticism, particularly his aggressiveness towards U.S. regulators. He believes that his public style has been validated, given the growing consensus in the industry that Gensler is not acting in good faith.

Nonetheless, his confrontational approach has attracted attention and backlash from some within the industry. For example, in September of last year, Selkis announced on Twitter that he planned to run for Senate and declared a war on the perceived out-of-control state of crypto regulation. This prompted a response from a crypto industry lawyer who was concerned that Selkis was causing damage by antagonizing Gensler.

Outlook on Cryptocurrency Regulation

In Selkis' perspective, certain policymakers, such as Gensler and Senator Elizabeth Warren (D-Mass.), have always held negative views towards crypto. He believes the opposition to crypto goes beyond the reaction to the fraudulent activities and bankruptcy events of last year, arguing that it is fundamentally philosophical. Crypto is just one issue impacted by this anti-tech philosophy.

Pursuit of Political Presence

Despite the controversies surrounding his public statements, Selkis has played an important role in pushing for a stronger crypto presence in Washington, D.C., beyond the current representation by trade associations and think tanks. He believes that most crypto executives have underestimated the significance of political donations and PACs.

Digital Freedom Alliance

An example of his efforts in this area is the founding of the Digital Freedom Alliance (DFA), established to promote pro-crypto policies and support pro-crypto candidates. Selkis contends that crypto will become a pivotal issue for swing voters, with potentially 50 million Americans owning crypto and a significant number being single-issue voters.

Approach to Regulation

Despite his criticisms, Selkis supports the idea of common-sense regulation. He argues that the absence of clear regulatory guardrails has fostered reckless behavior in the crypto market.

The Role of Messari

As an information provider, Messari is not subject to the same regulatory risks as financial services companies. This affords Selkis the opportunity to voice opinions more freely. His outspoken nature and the significant influence he holds in the industry ensure that he will continue to play a central role in shaping the future of crypto.

Edited by Jonathan Stoker