Crypto is just an accounting ledger.
-Gary Gensler
I present Ryan Selkis' viewpoints from Messari, which counter Gary Gensler's perspective.
When Gary Gensler says crypto “is just an accounting ledger” he tells on himself as being oblivious to history.
Here's a story that combines why Gensler is an idiot, how crypto is transformative, and the history of Messari all in one.
Ryan Selkis' present a perspective that is both informed by a deep understanding of financial history and critical of current regulatory stances toward cryptocurrency.
The Importance of Accounting in Human Civilization
Selkis stress that the development of accounting practices is closely intertwined with the progress of human society.
By calling crypto "just an accounting ledger," Gensler could be seen as undervaluing the transformative potential of blockchain technology, which, like historical advancements in accounting, could have significant societal impacts.
The Emergence of Double-Entry Bookkeeping
He references the history of double-entry bookkeeping, which was a revolutionary change in accounting practices that facilitated the birth of capitalism.
Selkis might be drawing parallels between this historical leap in financial methodology and the advent of blockchain, suggesting that just as double-entry bookkeeping was a foundational change for modern finance, so too could be blockchain for future economic systems.
Messari and the Medici
Selkis ties this back to the Medici, the notable banking family of the Renaissance. The Medici's adoption of double-entry bookkeeping in their banking operations is noted as a pivotal moment in economic history that contributed to the rise of capitalism.
He suggests that, much like the double-entry system in its time, crypto and blockchain could fundamentally reshape our economic systems.
He articulate a vision where crypto is not merely a technological innovation but a historical continuation of financial evolution.
As with any such commentary, whether one agrees with Selkis' analysis may depend on one's own views on crypto's potential to transform existing financial and societal structures. Selkis is known for his thought leadership in the crypto space and his comments often reflect a belief in the long-term transformative power of blockchain technology.