Judge Jed Rakoff’s essay “It’s a Racket!” reads less like analysis than confession.

He opens with a dictionary definition of cryptocurrency and proceeds to explain why systems that operate outside government control are dangerous. This framing reveals the core assumption beneath the essay: money is legitimate only when sanctioned, supervised, and reversible at the discretion of the state.

Bitcoin exists because that assumption failed.

The Genesis Block of the Bitcoin blockchain contains a timestamp referencing the 2008 bank bailouts. It marks the moment the modern financial system exposed itself as a closed hierarchy enforced by regulation, complexity, and rescue….

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