Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insight on policy and regulation.
On Tuesday morning, at an office building a few blocks from the White House, the crypto firm Grayscale laid out a spread of pastries and coffee. In a week’s time, Grayscale would be arguing before the D.C. Circuit Court of Appeals as one of the industry’s companies daring—or foolhardy—enough to challenge the Securities and Exchange Commission. Today, it was facing a slightly easier crowd of undercaffeinated reporters.
