According to @iampaulgrewal, SDNY has not been responsive to the basic point that custodial and non-custodial wallets are not the same. Source: @iampaulgrewal on X, Aug 14, 2025, https://twitter.com/iampaulgrewal/status/1955786426693673463 He underscores this wallet distinction in the SDNY context, signaling an active dispute over wallet classification. Source: @iampaulgrewal on X, Aug 14, 2025, https://twitter.com/iampaulgrewal/status/1955786426693673463 Traders tracking US crypto legal developments should note this SDNY-focused wallet classification debate as a regulatory signal. Source: @iampaulgrewal on X, Aug 14, 2025, https://twitter.com/iampaulgrewal/status/1955786426693673463