Could Gary Gensler be an unlikely saviour of Web 3?

Those who have been reading from me for some time will remember the phrase I coined

‘Web 3 is an end-to-end decentralized UX’

It’s one of the signature comments I regularly make on other people’s posts.

I usually have a narrative that goes something like:

‘It is a user condition. It is an occurrence. Something that ‘happens’..
I like the analogy of a simple circuit with a battery, two wires and a bulb. Web 3 analogy is the state of the bulb being lit.
The battery is not a Web 3 battery; The wires are not Web 3 wires. Wires and batteries can be used for many things.
In this way then, it is incorrect to use ‘Web 3’ as a prefix or adjective through which other things are defined. Web 3 can’t define anything. It is ephemeral in nature.
Web 3 fails to happen as a result of a point of centralization in the user journey. This is the equivalent of a break in the circuit.’

Examples of Web 3 obstruction/failure – use of (centralized) ICANN domain names, CEX’s for trading currencies, or storing keys/hashes off-chain in eth scaling solutions and protocol architectures.

When a UX exhibits Web 3 characteristics, the exclusion of certain undesirable phenomena are enforced:

Hacking

Regulatory Encroachment

Litigation and other hostile corporate actions

Fraud and Embezzlement.

Corporate Espionage.

The corollary of these is, should any of these phenomena successfully present themselves, then what has happened for the user, was NOT Web 3.

One of my close connections on LinkedIn recently said in response to a post that the SEC (under Gensler) was ‘chopping Web3 off at the knees’…

You see, the human body has a lot of parts that are actually made up of dead cells the moment they are born. This includes hair, finger nails, toe nails, and the outer layer of skin called the ‘epidermis’.

Nails and hair do not hurt when cut. The sensation felt by the touch of skin only happens because the epidermis itself is generally very thin, and the touch can impact on nerves in the physiology underneath.

While these ‘dead things’ provide the body with some functions with a minimal presence, they can cause huge problems in a human ecosystem when allowed to grow unchecked.

Out of control hair creates an environment to trap infection carrying detritus and provide a habitat for bugs and lice. Decaying epidermal detritus is kept in check with some moderate level of scrubbing while showering or bathing. Failure to do so can lead to skin cancers and other ailments. Unkept finger nails can harbour harmful bacteria, while toe nails in addition can grow inwards, causing painful conditions, which can ultimately result in a toe being lost to amputation.

Web 3 is no longer a young child, and at this stage is more like an elderly vagrant experiencing the ills of social exclusion.

Web 3 has a lot of problems with these ‘dead things’ growing unchecked.

It’s unfair to be saying ‘good old Gary’ has cut Web 3 off at the knees… at most he’s just providing a nails boutique, and also giving it a haircut.

This has been cutting out a lot of the out-of-control dead stuff, the things that are actually not Web 3.

The problem at the moment is that people are attaching ‘brands’ to things that do not enable Web 3. In fact, they are 100% brand and 0% Web 3.

In a recent post, Brian Naughton said: ‘We all enjoy hating on Gary Gensler… I suspect our vitriol is unproductive: My impression is that SEC staff are not just taking orders from the top. Instead, they are likely making a good-faith effort to protect investors by applying current law the best they can’

The way the SEC is going… all the CEXs that are dumping loads of tokens from their trade portfolios…. mostly ‘0x’ stuff.

Zhao though he was being clever trying to be a Robin Hood (pun not intended!) taking interest in the demise of FTX… it backfired on him and now he is enemy no. 1.

Now Wyatt is trying to be the darling of US political enquiries and regulation regimes making himself available for ‘free advice, and testimony’….

These are not communities you cosy up to, and it could easily end badly for him as well.

He will get away with it for a while due to the perception of being a ‘blue blood American’ but it will come a time when they all get bored with the Zhao thing, and they will be looking for someone new to get in the cross hairs.

Political animals need a constant stream of scape goats to create the noise that keeps them relevant and wins elections.

And any layer built on top of Eth is just ‘roadkill’ lying there, waiting for the political or regulatory scavenger to move in

Aram’s post suggests optimism? But should it be thought of as that, really?

Folk are looking at what Gensler is doing, and they are saying OK… and they they just go back to what they were doing before, like as if nothing is happening…. more ‘fake’ Web3.

Its like living in California and thinking earthquakes only happen to ‘someone else’ or flash fires just happen to ‘someone else’ and the SEC is way more of a certainty than flash fires or earthquakes can ever be.

Now some folk from the ‘fake Web 3′ crew have gone and lobbied to have Republican politicians going after Genslers’ head. Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minnesota, introduced a bill

“U.S. capital markets must be protected from a tyrannical Chairman, including the current one,” Davidson said.

“That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come,” he continued. “It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”

Is this really required?

Gensler is showing us what the difference is between building on a strong foundation, and building on sands that can be washed away.

Instead of lamenting his actions, we should be doing two things…

1. Thanking him for showing us the difference between sand and good bedrock
2. Stop building on sand

We may need folk like Gensler around to stop fake Web 3, and to prevent ‘real’ Web 3 from needing serious chiropody to prevent it from losing toes, and that haircut literally costing an arm and a leg!

9ja Cosmos is here…

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All reference sites accessed 13-14/06/2023

foxnews.com/politics/house-republicans-introduce-bill-remove-sec-chair-gary-gensler

u.today/plot-to-remove-sec-chair-set-heres-how

linkedin.com/posts/arammughalyan_crypto-market-has-crashed-badly-vc-funding-activity-7073912219725430784-5jI2?

linkedin.com/newsletters/blockworks-daily-newsletter-6970764659159158784/

linkedin.com/feed/update/urn:li:activity:7072288123614871552?utm_source=share