No moral panic here, I've got nothing against gambling. I love to gamble. However, crypto is clearly utilized in this case for the trading of unregistered securities via regulatory arbitrage. That's just fact.

Good luck out there, and I hope you win! You'll need it, though, it is after all a mob casino you're gambling in.

This is the classic "I know it's a crooked casino but it's the only game in town" argument. The big issue there is you can't know the odds because the house is playing against you and they can see your hand and they can and do frequently turn the lights off if things start to move against them. This is of course why we register securities and regulate brokerages.

I'm pretty confident we'll recapitulate that in due time.