He condemned sin in sinful man, in order that the righteous requirements of the law might be fully met in us, who do not live according to the sinful nature but according to the Spirit. — Romans 8:3-4 (NIV)
What Jesus did for us was powerful. By His life, death, resurrection, and ascension, He so utterly defeated sin that its power over us was broken. He condemned it. What these verses say is so amazing that some Bible translators seem afraid to write it, and some commentators seem afraid to believe it. But the Greek is clear: the requirements of the law are fulfilled in us who walk after the Spirit and not after the flesh. The words specifically say “in us”. Some want to translate it “for us”, because they rightly understand the substitutionary nature of Jesus’ death: He died that we might live.
The point of contention is the kind of life that we might live. Many people believe that it is impossible for us to live righteous lives, so the best we can hope for is that Jesus will take our place. I’ve heard pastors teach that when the Father looks at us He sees Jesus. I don’t think this is true. The Father is not confused. He sees us just fine. He can put up with our failings, because we are his dearly loved children. But God intended better for us than being caught in sin the rest of our days on earth. He intended for us to be able to live righteously as we live according to the Spirit.