Uncle Gensler is not wrong about fake decentralization/ manipulation in crypto but securitization is not the answer, better regulations and oversight are! Don't kill the innovation, just better watch bad actors!

Gary Gensler said "it's not about the token being on a thousand computers, it's like a group of developers in the middle."

And I hate to say this - he is damn right. Majority of the crypto projects, including some of the very prominent ones" are controlled by a small "team" of developers. "Team" word is intentional here - it's not a group of people united for lifting the world's wellbeing but it's more like a startup trying to create a business and generate returns. And these teams tend to benefit handsomely from price action and they also have a massive information asymmetry advantage i.e. knowing when to pump and dump.

So just staying there are 1450 nodes globally that run the blockchain is utter bullshit. Honestly and unfortunately, most crypto projects are reverse-robinhood i.e. take from poor retail and give it to rich VCs/ investors and that "team" in the middle enables it. So, this is not the crypto world any of us want to see, so, it needs to change.

Now, securitizing everything is not the answer. It's just creating more paperwork, more administration and more rules -- all of those you could read as "innovation killer". Uncle Gensler need to figure out how to create a better oversight/ watch dogs that go after shady actors vs. going after entire crypto world and killing the innovation.