Gary Gensler may be more of an angel about to fall, than a fallen angel!...

It's been a strange few days.. In Nigeria we have had the head of the CBN, Godwin Emefiele suspended. This development got copious coverage so I choose to comment on the post of Ndubuisi Ekekwe rather than author my own. In breaking news, the Chairman of Economic and Financial Crimes Commission (EFCC), AbdulRasheed Bawa, has just been suspended (source Newsexpress Nigeria). (https://lnkd.in/eBqnJt2W)

On the other side of the Atlantic in the US, different things are happening. Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minnesota, introduced a bill (The SEC Stabilization Act), which will ultimately be looking for the head of Gary Gensler, the Chair of the SEC. (Securities and Exchange Commission), if passed.

Seems like it's not a great time to be in a big position in regulatory finance.

In an intriguing twist of perception though... and with a nod to posts by Brian Naughton and Aram Mughalyan, I argue that 'real' Web3 has a number of features, i.e. that it is impervious to Hacking Regulatory Encroachment Litigation and other hostile corporate actions Fraud and Embezzlement. Corporate Espionage.

The logical conclusion of the technical argument has to then be, that whatever Gensler succeeds in taking down, is, by definition, not Web3. Yes, by his actions, Gary Gensler is therefore weeding out the pretenders that do not contribute to Web 3 as 'an end-to-end decentralized UX' Knock yourself out Gary - let you be Web 3's acid test! Angel or Devil?

Read on!

https://www.tekedia.com/could-gary-gensler-be-an-unlikely-saviour-of-web-3/