A lot of people seem to not be aware what a major win for privacy the SEC's interpretation on securities is, so let me spell this out for you. Under Gensler, the SEC attempted to classify digital asset developers as securities broker/dealers. This would have meant that anyone offering digital asset services and software would have needed to register with the SEC and apply KYC/AML programs by law. Similar language has been included in latest market structure proposals, which insufficiently clarified who exactly such registration requirements would apply to. The SEC's interpretation now makes clear: No AML/KYC for bitcoin, at least not under the SEC's authority. Probably the biggest advancement for privacy under this entire administration.