Some experts say the Grayscale and Uniswap rulings send a strong message to U.S. lawmakers that regulatory changes may be necessary.
The judicial logic of the two court cases, especially with Democratic-appointed judges, has special significance.
Grayscale judges Sri Srinivasan, Neomi Rao and Harry Edwards made the ruling, Rao wrote the opinion, and Srinivasan was an appointee of President Barack Obama and a relatively close Moderate Democrats.
Both Srinivasan and Edwards sided with Grayscale, which could send a signal that the SEC could lose to many Democratic judges.
Justin Slaughter added that the D.C. Circuit is considered the second most important court in the United States because it hears cases related to rulemaking and is also considered the SEC’s home court due to the Democratic majority.
John Aughenbaugh, an associate professor at Virginia Commonwealth University, said that what is really impressive about the Grayscale verdict is not that the judges were appointed by different presidents, but that the judges were appointed by presidents of different political parties.
They’re basically sending the same message to the SEC that you need to make some sound decisions and you can’t keep treating the same class of bitcoin products differently.