One possible interpretation of this case is that the SEC’s decision to block spot Bitcoin ETFs was unusually egregious, and a court fixed that, and there are no broader implications for anything. And that’s possible, because the spot Bitcoin ETF decision really was weird. But another possible interpretation is that the modern SEC has become more aggressive about regulating the crypto industry, and the broader financial industry, in a lot of different areas, while the crypto and financial industries have become more aggressive about fighting back and the modern US courts have become more aggressive about second-guessing the SEC. The SEC has gotten used to its decisions being, for all practical purposes, the law, and that might not be right anymore.
‘Enforcement 40’ for 2020
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