There was considerable pearl-clutching, at least among members of the mainstream media, when the US Department of Justice announced they were disbanding their crypto enforcement unit. The move, however, is a welcome change to industry participants and investors alike as the DOJ under the prior administration was mostly seen as unfairly targeting good operators in the space, or the developers of literal software tools like Tornado Cash.

Look, I’m not out here naked shorting the market; that said, I don’t feel good about crypto here, and I’ll explain why. After Bitcoin crossed the $100k mark in 2024, there was euphoria as well as a sense of vindication among crypto natives who—for obviously too long—have been derided by traditional finance pros (even as our gains have consistently put theirs to shame.)