Summary
TLDR: Impact litigation has been successful in the cryptocurrency industry, with Ripple Labs, Uniswap Labs, and Grayscale securing important victories in court over the SEC. These victories have helped pave the way for the approval of spot bitcoin ETFs and clarify legal distinctions in the industry.
Key Points
1. Ripple Labs scored a significant victory over the SEC in court last year, with Judge Torres ruling that secondary sales of XRP were not securities transactions.
2. Uniswap Labs received a favorable opinion from Judge Failla, who also presides over the Coinbase case, regarding the nature of smart contracts and liability distinctions among protocol, user interface, software developers, and token creators.
3. Grayscale successfully convinced a panel of three circuit judges to overturn a decade of SEC precedent, leading to the approval of spot bitcoin ETFs.