The $10,000 swap example is the whole story: a $3 fee with a $20 tax bill. That is not a tax on profit, it is a tax on moving your own assets. I agree the realistic win is narrower than the headline — getting non-custodial software distinguished from brokers on the record matters more than a full exemption that was never coming. Do you think the court case decides this in the end, more than the comment letter?