Although not an SEC-related decision action, and the least high-profile of the three cases examined here, the recent dismissal of a class-action against Uniswap is likely to prove influential in the long term. So the order’s knock-on effects are likely limited, and while it does supply the industry with ample ammunition in the form of legal arguments to bolster various use cases and business models, the order’s real impact could be as fleeting as Terra scammer Do Kwon’s 15 minutes of fame. I wrote about this at greater length earlier with my colleagues, but, for present purposes, the important thing to note is the order does not establish a precedent (or win the case for Ripple). The recent order in the Ripple case in the Southern District of New York represents another big symbolic victory for the industry after the scandals and market funk of the last year. While that may be a big win for the institutions issuing and managing those funds, a world in which retail traders primarily access these tokens through such funds-rather than holding, trading, and using them directly through user-controlled digital wallets-would be a huge waste of potential, stifling innovative business models the technology enables. One could even see a world in which spot ETFs for crypto tokens other than BTC and ETH proliferated. While the SEC could find ways to keep fighting over spot bitcoin ETF listings, the agency may see a silver lining in admitting defeat here, as that would guarantee the SEC some piece of the regulatory pie. As my colleague Peter Fox observed, “etail investors and institutions alike may be attached to bigger names,” and Grayscale might have unwittingly been doing Wall Street’s homework. One reason for this is that traditional financial institutions with whom the SEC is likely more comfortable-such as the largest money manager in the world, Blackrock- are also keen to get into the bitcoin-spot-ETF game. While the decision does not command the SEC to approve the ETF, it makes an eventual approval almost a foregone conclusion (though the SEC delaying its decisions on all spot bitcoin ETFs after the Grayscale decision means it will not be immediate). Let’s take a look at the court rulings themselves, including the recent Grayscale case, which challenged the SEC’s longstanding refusal to grant a spot Bitcoin ETF. This should be a moment of celebration for Web3 enthusiasts-courts are clearing longstanding legal obstacles to blockchains adding billions of users-but this moment also could prove a crossroads in determining how those users come “on chain”-and whether that process will uphold the crypto community’s long-cherished value of decentralization and its benefits, or whether that ideal will be betrayed.

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