  We describe a finitary 2-monad on a locally finitely presentable 2-category
for which not every pseudoalgebra is equivalent to a strict one. This shows
that having rank is not a sufficient condition on a 2-monad for every
pseudoalgebra to be strictifiable. Our counterexample comes from higher
category theory: the strict algebras are strict 3-categories, and the
pseudoalgebras are a type of semi-strict 3-category lying in between
Gray-categories and tricategories. Thus, the result follows from the fact that
not every Gray-category is equivalent to a strict 3-category, connecting
2-categorical and higher-categorical coherence theory. In particular, any
nontrivially braided monoidal category gives an example of a pseudoalgebra that
is not equivalent to a strict one.
