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.
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- Source: https://www.coindesk.com/consensus-magazine/2024/02/23/in-lejilex-vs-sec-crypto-goes-on-offense-in-the-courts/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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