“Over the last four years, the SEC has twisted the law to play gotcha with crypto developers and exchanges. These reforms help the SEC undo the Gordian knot,” explained Verrett, cautioning that he spoke for himself and not his co-authors. “This will pave the way for future exemptions and future partnerships between crypto exchanges and traditional exchanges in a more adaptive regulatory environment.”
TLDR: Governments will be free to pump and dump shitcoins. As a libertarian, I guess caveat emptor.