The Consensys case exposes the fundamental mismatch between blockchain tech and securities law.

The SEC claims MetaMask Swaps 'effects transactions in securities,' but can a smart contract be a broker?

This isn't just about Consensys; it's about whether the '34 Act's definition of a broker can encompass code without breaking the entire DeFi ecosystem.

Congress's silence forces courts to decide if 'protecting investors' requires stifling the very innovation that could democratize finance.