Deciding whether a crypto rule is worth trading

the crypto verdict

The written decision against the standing hurdles - net of funding, honest fills, mechanism-backed - plus crypto's own gate: regime robustness, that the rule worked across regimes rather than in one, on a mechanism that should survive the next. And the plan's vote, with crypto's caps: custody, counterparty, total exposure. Most crypto rules fail the regime gate, and the machinery is working when they do.