So we’ve moved passed the grey area where if you owned a physical copy of the game then technically it was legally safe to emulate where now all emulation regardless is illegal?
It was possible to build emulators legally using clean room design but capital found a way to clamp down on it.
The DMCA has a provision U.S.C. 1201 that bans any breaking of “anti-circumvention” measures. So it’s nominally legal to reverse engineer the code but it’s illegal to first decrypt that code in order to reverse engineer it effectively making reverse engineering illegal.
Pluralistic is a good blog on the subject and I wouldn’t be surprised to see an article about ryujinx show up soon.