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This is bigger than crypto. UCC Article 8 is a pillar of commercial law that protects customer assets– held by custodians big and small, in digital or traditional finance (including BNY and DTC)– from unfairly getting swallowed up in bankruptcy. Courts have always upheld the law to maintain market trust, and should do so here. 2/3

I just submitted my article, "The Evolution of the Poison Pill," which is free to a good law review home. This article took me *seven years* of collecting and cleaning 3,500 poison pill documents back to the original Household International/Crown Zellerbach pills. Using software designed to trace viral outbreaks, I analyzed the text of these documents to reconstruct the ancestry of the poison pill from its beginnings until 2022. The key event in the evolutionary process was when the Skadden Arps branch of the family tree diverged from Wachtell Lipton branch, eventually overtaking the Wachtell branch in the marketplace. The article argues that the poison pill was not a single technical "invention," as it is commonly described, but rather the culmination of several ideas by different contributors. The modern poison pill was a joint development of Wachtell Lipton and Skadden Arps, together with Morgan Stanley and other participants. Ultimately the true original innovation was the idea of using a private contract (the poison pill) to create public policy (an antitakeover "statute"). Lipton's genius was to see that the deadlock over antitakeover statues in Delaware could be broken by proposing what was essentially an antitakeover statute in the form of a private contract. In this way, the Moran v. Household International decision delegated the writing of antitakeover statutes to private parties through the poison pill. If you're a law review editor looking for corporate law pieces, this one is certain to generate discussion (and debate).