With the rise of Web3 technology, many have been waiting for the Securities and Exchange Commission (SEC) to provide clear guidelines. However, it seems that they may have to wait even longer. Rep. Wiley Nickel (D-NC), laid into SEC Chairman Gary Gensler during a recent U.S. Senate Banking, Housing, and Urban Affairs Committee hearing about the SEC's approach to digital asset securities. Rep. Nickel stated, > "You have set us back years in terms of our ability here in the United States to support Web3 technology." The SEC has been criticized for its slow pace in regulating cryptocurrencies and other digital assets. Some argue that this inaction has allowed fraud and abuse to flourish in the industry. However, Gensler has defended his approach, arguing that he is taking a cautious approach in order to protect investors. It remains to be seen whether the SEC will adopt a more proactive approach to regulating Web3 technology in the future, but Rep. Nickel's comments indicate that there is growing frustration with the agency's current stance.