Gensler was taken in by the tech angle -- duped by the (false) claim that this was a world-changing technical innovation. He was, for years, convinced that "revolutionary" blockchain technology was a viable peer-to-peer accounting ledger for a wide variety of assets.
This is the problem with this area: lots of finance guys with no csci experience; lots of csci guys dumb on finance.
Anyone who has enough experience of both worlds runs a mile from all of this, and can see the toxic mixture of IT hype, finance "collectables mania", and grift.
The SEC is just catching up to how much the finance industry has been duped by bros-in-shorts talking about "algorithms"
This is the problem with this area: lots of finance guys with no csci experience; lots of csci guys dumb on finance.
Anyone who has enough experience of both worlds runs a mile from all of this, and can see the toxic mixture of IT hype, finance "collectables mania", and grift.
The SEC is just catching up to how much the finance industry has been duped by bros-in-shorts talking about "algorithms"