Grayscale's appeal shows that crypto innovation is an opportunity for the regulators as much as investors.
Despite a multi-year market slowdown, there are signs working in favor of the Web3 industry. Long-held claims about regulatory uncertainty have been validated and a major political win came in the form of a scathing rebuke of how the U.S. Security and Exchange Commission is approaching crypto.
What happens next is where opportunities for the entire crypto industry lie. Opportunities for the Web3 community, for the SEC and for the United States to potentially pivot toward a more collaborative, innovation-friendly future.Should the SEC wish to challenge the federal judge's conclusions in the Grayscale decision, the company's application could simply be denied again for a different reason. That course of action becomes problematic quickly.
Judges could also suggest that individuals may be personally liable. This is not as far-fetched a possibility as it may initially sound. In recent memory, current members of the judiciary have shown a willingness to rebuke administrative agencies. There are already concerns about a brain drain of experienced professionals in government, it is difficult to imagine how that may get exasperated in the event personal liability for administrative decisions becomes even a fleeting possibility.
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