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In governments and regulators Coinbase has notched another win in litigation with the SEC as the Third Circuit has remanded the agency’s decision to deny Coinbase’s petition for rulemaking [I47, 58]. According to the Third Circuit, “the SEC’s order was conclusory and insufficiently reasoned, and thus arbitrary and capricious”, and so they have sent it back to the SEC for a “more complete explanation”, adding the smackdown that the agency “should not give yet another poor explanation in an already-long line of them”. However, the court declined to go so far as ordering the SEC to begin the rulemaking Coinbase had demanded.5 While the appeals court decision is meaningful, the practical outcome for Coinbase and the rest of the cryptocurrency industry is likely not going to be very different from what we’re already expecting with the new crypto-loving Trump administration’s SEC, as I outline later in this issue.