Reading Gary Gensler go full-blown maximalist in the NYMAG interview is quite the read.
It sounds like they [the SEC] know the outcome of XRP's legal challenge will allow significant legal precedent. Should Ripple lose, expect a blanket securities designation on everything except bitcoin if Gensler's own words in the interview are anything to go by:
"The pre-1929 environment masquerading as disruptive innovation is coming to a close."
March is going to be one helluva month. From the debt fight, and mass Russian conscription, to the regulation fallout. I still give Binance a 50/50 chance of implosion.
This all leaves a bipartisan stablecoin framework to get fleshed, and I hope those get regulated to the point they're not just backed 1:1 in the Treasuries market—and causing demand there—but regulated to the point they're accepted everywhere as payment.