SportFi has spent most of its life in a familiar lane: tokens that reward fandom with voting rights, perks and a thin layer of speculative trading. The next version being mapped out by some of the sector’s biggest builders suggests a more ambitious destination — one where sports become a live data feed for smart contracts, and tokens behave less like collectibles and more like programmable markets.The logic is simple: sports already produce constant, globally understood outcomes. Win, lose, qualify, get relegated — the “settlement layer” is the scoreboard. If token supply and incentives can be tied to those outcomes,…

Justice Gorsuch’s concurrence in Learning Resources v. Trump is something of a Godfather-esque settling of family business. He challenges and critiques all of his colleagues (save for the Chief) and brings receipts. As one would expect, his opinion draws tart responses from other justices (which could explain why it took so long for the Court to release the opinion). Whatever one concludes about Justice Gorsuch’s exchange with Justice Kagan, and whether the progressive justices implicitly adopted arguments embracing the major questions doctrine in this case, he is correct that Justices Kagan and Sotomayor have signed on to MQD-reasoning in the past,…

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