Having reviewed the details, I’ll say it again that this ruling is a sigh of relief. But as you can see in the nuances, the court found XRP is not a security in the sweeping context, while also suggesting that Ripple Labs is likely selling illegal unregistered securities (the XRP that they sell for funding).
This model where an institution(s) is funding by brokering its network tokens for $$ is the exact risk that I’ve outlined above, as relates to ZF, ECC, and possibly ZCG. Its a topic where the community seems to have a majority consensus that Dev Funding needs to be spread beyond only two American corporations… otherwise we continue to risk regulatory action against the Zcash Foundation and Electric Coin Company which would severely damage Zcash!
As you already know, these risks are why my primary position is that the Dev Fund should be ended at the November 2024 halving. The ZEC received and already owned up to that point will give ZF, ZCG, ECC adequate resources to continue operating for years into the future, even after the Dev Fund rewards are ended. The only way to certainly achieve treasury/ funding security for the long term, is that the value of ZEC is substantially higher and stays there… lets pick a random number like $200.00 per ZEC.
For Zcash to genuinely become decentralized and non-hierarchically governed, bold actions need to be undertaken. See many excellent points in Josh’s thread here