The Bitcoin ETF is the spiritual reversal of Executive Order 6102

The article argues that the spot Bitcoin ETF approval reverses the centralizing trend set by Executive Order 6102, which required citizens to surrender gold in 1933 and was followed by the gold clause cases. It presents the 3-2 SEC vote as a conflict between decentralization and centralization, with Peirce's pro-liberty approval, Crenshaw's denial, and Gensler's reluctant approval. It quotes Crenshaw's dissent warning that spot Bitcoin ETPs would trade in an "unregulated, fragmented, continuously traded, global free-for-all" beyond U.S. regulatory reach.