what we are seeing in the clash between law and crypto is a paradigmatic shift in risk allocation, still fundamentally unaddressed by circa 19th century regulation in which intermediaries were necessary and needed oversight. 1/n but the concept of the intermediary -- exchange, broker, dealer, clearing agency, even *agent* -- changes when software can make direct connections and evaluate financial and business risk for you.

the risk doesn't disappear: it moves to technology rails and platforms. 2/n

The D.C. Circuit Court of Appeals holds that the SEC acted in an arbitrary and capricious in denying Grayscale's proposed bitcoin fund.

This is a hard standard to meet: it's the Court telling the SEC it had no basis for the decision & just made it up.
docdroid.net/9mRdJzU/sec-ar… All of our appeals courts are serious of course but the DC Circuit is particularly important in that it has jurisdiction over appeals of certain SEC decisions and has institutional expertise in administrative law decisions.