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Hayden Adams 🦄
Invented the Uniswap protocol, Founder @Uniswap
Fascinating if a bit infurating to watch. Some takeaways:
1) Just like Amanda Fischer tweets, an increasingly clear picture is coming forward - they didn't make a real attempt to understand the technology, mostly operated off vibes and things seemingly looking similar to other things on first glance - no consideration at all about self-custody, immutable code, the difference between something running on a server vs a blockchain
2) Zero willingness to disambiguate between the software developers, frontend, protocols, DAOs, etc
3) His definition of what "real" DeFi would be is so narrow he had to use the phrase "immaculate conception" to describe it. Basically dismisses everything other than bitcoin as centralized
4) He doesn't not understand how Uniswap upgrades work and seems to assume we make changes to the protocol codebase after deployment. This is not true. Each deployment is an entirely new codebase, old one continues to exist forever, and users have to choose to migrate funds to it. This is maximum decentralization, probably beyond hardforks.
5) When asked why they don't just hire some smart contract devs to understand how Uniswap works and if we have control he basically just acknowledged they dont understand how it works or make any attempt to. Says it would require trippling their budget. They employ literally thousands of lawyers to sue people, and only needed one dev lol
6) He says "come in and register" was in good faith and not a trap. So point to one crypto project that did this, was successful at it, and built a real business that is currently operational (you can't)
7) Glad he acknowledged it LOOKS really bad that all of Genslers texts magically disappeared even if he tried to play it off as an accident. If 2 years of my texts disappeared when they had a preservation notice against me they probably would have recommended criminal charges

BanklessDec 8, 21:00
LIVE NOW - Inside Gary Gensler’s SEC: A Conversation with Former Crypto Policy Advisor Corey Frayer
What was really happening inside the SEC during the Gensler years?
Today, we sat down with Corey Frayer, former senior crypto policy advisor to SEC Chair Gary Gensler.
Corey defends the Gensler playbook while responding to the industry’s harshest criticisms, from “regulation by enforcement” to claims of a political war on crypto.
--------------
TIMESTAMPS
0:00 Intro
4:58 Crypto Industry Misconceptions
7:59 Corey’s Role & Background
14:20 How it All Started
24:16 No Path to Register?
31:26 Technology vs Economic Activity
38:22 Protecting Investors
41:07 DeFi Regulation
44:53 Uniswap’s Wells Notice
57:00 Fake DeFi vs True DeFi
1:03:41 Google Analogy
1:08:35 The Howey Test
1:16:53 SEC: Good or Evil?
1:26:52 GENIUS Bill
1:29:10 SAB 121
1:33:01 Crypto & SEC Political Impact
1:36:02 Paul Atkin’s SEC
1:38:15 What Would Corey Change?
1:41:23 Gary’s Text Messages
1:43:10 Is ETH a Security?
1:44:39 Gary Gensler’s Radio Silence
1:47:37 Gary’s Twitter April Fools PFP
1:50:44 Closing & Disclaimers
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