Cryptocurrencies come under attack in the courts in Lejilex v. SEC.

But the best argument in support of impact lawsuits is the industry’s court record. Last year, Ripple Labs scored a major victory against the SEC when Judge Torres declared that secondary sales of XRP were not securities transactions. Likewise, Uniswap Labs obtained a thoughtful opinion from Judge Failla, who will rule on the Coinbase case, explaining the nature of smart contracts and carefully distinguishing between protocols, user interfaces, software developers, and token creators when determining liability. And Grayscale persuaded a panel of three circuit judges to unanimously overturn a decade of SEC precedent, finally paving the way for approval of a spot Bitcoin ETF.