I don't have to say Ouch because it clearly has nothing to do with the TECHNOLOGY behind the assets but with the assets themselves. Do you understand that difference? The assets might be "regulated" on the exchange, but there is no blockchain regulations or Crypto Regulations, people can and will be able to send their crypto to different decentralized exchanges that cannot be regulated by design. In the end, you don't undestand basic Logic: if a is b and b is c then c is a.
the reasoning being is that these losses/claims being filed in courts couldn't move forward because without there being a recognized value attached there couldn't be any claims of damages brought forth. So yes this has become a significant issue, so yes this is a small step forward, so yes people running crypto currencies will slowly face the possibilities of being regulated and sued, so they had better get their ducks in a row.
Except the significant "issue" isn't specified by you, I am led to believe by the context that you think the issue of the court recognizing the value of an asset is the same as the court recognizing a legitimate reason to regulate the asset or even more infuriating that they court could ever tell people how they can and can't create the technology behind the assets. So again, can you logically, explaining without uncertainty and without vagueness, exactly why and how a court recognizing the value of an asset means that we should worry about the court regulating blockchain?
You cannot sue a cryptocurrency because it's trustless, decentralized, there isn't anyone behind it that can be sued, that's why you cannot sue BITCOIN, you genius.
OMG, Steemit is a PRIVATELY HELD COMPANY, those running the company are directly responsible for following regulations. It wasn't a judge but someone on a regulatory committee who approved a crypto currency to trade on the open market, to bring it under regulatory controls, because so many claims for losses were being filed, in order to address those losses there had to be recognition of it to have value, once value is confirmed people can file against people who start their own crypto currencies founded companies. So, and just for example, say someone sues Steemit because they lost thousands of dollars for being flagged like this guy claimed for no real good reason, and because Steemit owners allow this to happen that person can directly file suit against the owners of Steemit because they are the one's in control of how it is structured, the way they structured the program led to the losses. Flagging is meant for a purpose not for a revenge tool, if Steemit continues to let it be abused for ways other then it was intended they could potentially be held liable if Steem were also added to the open market.