Matt Levine’s Money Stuff: Gary Gensler Wants to Regulate Crypto

Programming note: Money Stuff will be off tomorrow, back on Monday.

Crypto securities

“A basic premise of Web3,” I once wrote, “is that every product is simultaneously an investment opportunity”:

If you sign up for a Web3 social network or chat room or trading venue or let’s-buy-the-Constitution lark, you will get some of that project’s tokens, which will entitle you to use the project’s app or exchange or Constitution, and which will give you some notional say in the decentralized governance of the project. Also the tokens will appreciate in value if the project takes off and more people ...