Exploring the Evolution of the Web: From Web 1.0 to Web 3.0 and Beyond

Differences Between Web 1.0, 2.0, and 3.0: Explained by a Crypto Lawyer

A recent report of an investigation into Ethereum and its foundation has raised questions about the future of spot Ether (ETH) ETFs and the stance of the Securities and Exchange Commission (SEC). According to finance lawyer Scott Johnsson, the probe may be a strategic move by the SEC to appease skeptics and avoid backlash from politicians.

Some believe that the SEC’s scrutiny of Ethereum could be a way to deny spot crypto ETF approvals without directly rejecting them. This could be a response to pressure from Democrat senators who have urged the SEC to take a tougher stance on these investment products. Senator Elizabeth Warren, in particular, has been vocal about her disapproval of spot crypto ETFs.

However, others speculate that the SEC’s investigation could be a genuine effort to understand the complexities of the crypto market and its potential risks. As web 3.0 continues to emerge and gain traction, regulators like the SEC may be taking a closer look at the technology and its implications.

Regardless of the true motives behind the probe, it is clear that there are significant differences between web 1.0, 2.0, and 3.0. These differences have been a topic of discussion for years, with figures like Jack Dorsey and Gary Vaynerchuk weighing in on the evolution of the internet. But what exactly sets web 3.0 apart from its predecessors?

Web 1.0, also known as the “read-only” web, was characterized by static websites and limited user interaction. Web 2.0, on the other hand, introduced user-generated content and social media platforms, allowing for more dynamic and interactive experiences. And now, with the emergence of web 3.0, we are seeing the integration of blockchain technology and decentralized systems, promising even more autonomy and security for users.

While the differences between web 1.0, 2.0, and 3.0 may seem subtle, they represent significant shifts in the way we use and interact with the internet. As we continue to enter the era of web 3.0, it will be interesting to see how regulators and lawmakers navigate this new landscape.

The SEC’s use of correlation analysis to deny ETH spot ETFs for web 3.0

There is a theory gaining traction on X that the SEC may be using correlation analysis as a means to deny spot Ethereum exchange-traded funds (ETFs) and prevent the arrival of web 3.0. According to this theory, the SEC needs a non-correlation objection to justify their denial of ETH spot ETFs this year.

Johnsson, a prominent crypto lawyer, believes that this tactic may only be a temporary solution, as correlation levels are steadily improving over time. The SEC’s reliance on correlation analysis as a key factor in approving or denying crypto ETPs may become less effective as web 3.0 continues to evolve.

Correlation is a measure of the difference between prices on spot markets and futures, and it has been a major argument used by the SEC in their decision-making process. However, with the emergence of web 3.0, the differences between web 1.0, 2.0, and 3.0 are becoming more blurred, making it harder for the SEC to rely on correlation analysis as a sole justification for their decisions.

The Evolution of the Web: Understanding the Differences Between Web 1.0, 2.0, and 3.0

In recent discussions about the emergence of Web 3.0, Twitter CEO Jack Dorsey has been vocal about the stark differences between the three generations of the web. According to Dorsey, Web 1.0 was a static and one-way communication platform, while Web 2.0 introduced user-generated content and interactivity. However, Web 3.0, with its decentralized and blockchain-based infrastructure, takes the internet to a whole new level.

ETF analyst Eric Balchunas also weighed in on the topic, stating that the correlation between futures and spot prices in the cryptocurrency market is not as strong as it used to be. However, he remains skeptical about the success of BTC ETFs compared to those for other cryptocurrencies.

Meanwhile, the Securities and Exchange Commission (SEC) is currently investigating popular exchanges Coinbase and Binance for offering unregistered securities. This probe may help the SEC navigate the tricky issue of denying spot Ethereum ETFs without undermining their ongoing legal action against the two exchanges.

In a recent interview, SEC chair Gary Gensler was asked about the status of ETH as a security, to which he gave his usual vague response. This further highlights the uncertainty surrounding the classification of cryptocurrencies and the need for clearer regulations in the industry.

Differences between Web 1.0, 2.0, and 3.0: Is Web 3.0 Already Here?

The Securities and Exchange Commission (SEC) may take a “soft approach” by using an ongoing investigation into the security status of Ethereum (ETH) instead of taking definitive enforcement action, according to a recent post. This could potentially be used as a reason to deny approval for ETH, as stated by the author.

Nate Geraci, President of ETF Store, believes that the SEC should have argued that ETH was a security before approving Ethereum futures trading in October 2023, but they did not do so. He also questions why the SEC would be okay with “grandma” buying ETH futures ETF, but not the spot.

It is important to understand the differences between Web 1.0, 2.0, and 3.0 in order to fully grasp the potential impact of the SEC’s decision. Web 1.0 was the first iteration of the internet, primarily consisting of static web pages and basic HTML. Web 2.0 introduced more dynamic and interactive features, such as social media and user-generated content. Web 3.0, often referred to as the “decentralized web,” takes this a step further by utilizing blockchain technology and allowing for more secure and decentralized online interactions.

Difference Between Web 1.0, 2.0, and 3.0: Coinbase and Congressman Weigh In

Coinbase’s chief legal officer, Paul Grewal, has responded to the SEC’s reported probe into Ethereum by asserting that the SEC has no valid reason to deny the ETH ETP applications. He also expressed hope that the SEC will not attempt to fabricate a reason by questioning the well-established regulatory status of ETH, which the SEC has consistently endorsed.

In a similar vein, US Congressman Patrick McHenry has commented on the SEC’s actions against Ethereum, stating that it goes against the CFTC’s assessment and the SEC’s previous actions. He further adds that this is in contrast to the SEC’s prior endorsements of Ethereum.

These statements highlight the differences between the various versions of the web, including Web 1.0, 2.0, and the current Web 3.0. While the likes of Jack Dorsey and Gary Vee have championed the potential of Web 3.0, it remains to be seen how it will differ from its predecessors and what implications it will have for the future of the internet.