I disagree. As a non-lawyer, non-financier, I found the deep & well-thought-out explanation fascinating. This is one of the best articles I've read this year.

You should subscribe to Matt Levine's newsletter if you enjoy his writing. It's fantastic, plus it's free and you don't have to visit Bloomberg's site.

That's probably true, but the other thread has over 1300 comments, so a merge would be a monster.