more questions than answers. Does the resolution suggest to the market that we agree with the court's decision? What is the legal effect of the decision in force? How can we ensure that investors obtain the information they need and are entitled to by law?

In the end, I have full confidence in the arguments our agency presented to the Second Circuit on appeal and equal confidence in the talent of the SEC attorneys who presented them. This motivates my disagreement today. Our agency is, I fear, concerned that the appellate court will issue a solid decision that agrees with the legal arguments already presented by the Commission. This would undermine the agency's new apparent mission to dismantle our cryptocurrency oversight program and erode investor protections. For these reasons, I cannot support our agreement. I ask the courts to carefully consider the Commission's attempt to recover the meritorious claims made earlier and to destroy its own oversight program from within.