In Lejilex vs. SEC, Crypto Goes on Offense in the Courts

But the best argument in favor of impact litigation is the industry’s track record in court. Last year, Ripple Labs scored a big victory over the SEC when Judge Torres declared that secondary sales of XRP were not securities transactions, among other important rulings. Similarly, Uniswap Labs won a thoughtful opinion from Judge Failla — who will also decide the Coinbase case — describing the nature of smart contracts and carefully distinguishing the protocol, user interface, software developers and token creators in determining liability. And Grayscale convinced a panel of three circuit judges to unanimously overturn a decade of SEC precedent, which finally paved the way for the approval of spot bitcoin ETFs.