Ripple’s partial court win did, in substance, “hold through appeals,” and it was not overturned. Judge Analisa Torres’ July 13, 2023 ruling that XRP is not a security when sold programmatically on secondary markets became the key precedent, and the SEC’s later appeals were ultimately dropped as part of a 2025 settlement that ended the case while leaving those core findings intact.(en.wikipedia.org)

After that decision, there was a clear shift toward crypto firms proactively suing or aggressively countersuing the SEC instead of quietly settling:

• Pre‑enforcement and declaratory suits directly attacking SEC authority over crypto assets multiplied:

  • Lejilex and the Crypto Freedom Alliance of Texas sued the SEC in February 2024, asking a federal court to declare that secondary‑market token trades on their planned exchange are not securities transactions and that the SEC lacks jurisdiction over such digital assets.(cointelegraph.com)
  • Beba LLC and the DeFi Education Fund sued the SEC in March 2024, seeking a declaratory judgment that a free token airdrop is not a securities transaction and that the SEC’s digital‑asset enforcement policy violates the Administrative Procedure Act.(defieducationfund.org)
  • The Blockchain Association and Crypto Freedom Alliance of Texas jointly sued the SEC in April 2024 to vacate the Commission’s broadened “dealer” rule, arguing it exceeds statutory authority and threatens crypto market participants.(reuters.com)
  • Consensys sued the SEC in April 2024, explicitly asking a court to rule that Ethereum and related MetaMask activities are outside the SEC’s authority and calling the agency’s crypto campaign unlawful overreach.(reuters.com)

• Exchange and infrastructure providers began suing the SEC after receiving Wells notices or facing investigations, instead of waiting to be sued or rushing to settle:

  • Crypto.com filed a civil complaint against the SEC and all its commissioners in October 2024, immediately after a Wells notice. Its own statement says it is suing “to protect the future of the crypto industry in the U.S., joining a series of our peers who are actively defending themselves and taking action against a misguided federal agency acting beyond its authorization under the law.”(coindesk.com)
  • Bitnomial Exchange sued the SEC in October 2024 over XRP futures. Crucially, Bitnomial’s press release explicitly relies on the Ripple ruling, noting the “landmark determination” that XRP is not inherently a security and citing that as the basis to ask a court to block SEC jurisdiction over XRP futures.(bitnomial.com)

• Major targets of SEC enforcement have also been more willing to fight in court rather than immediately settle. Coinbase sued the SEC in 2023 over rulemaking and then fully litigated the SEC’s enforcement case until the agency dismissed it in 2025; Kraken likewise contested the SEC’s later exchange case, which was eventually dropped without penalties or admissions.(cnbc.com) Legal commentary in 2024 explicitly describes the crypto legal community as “emboldened by a recent string of court victories,” with Ripple’s July 2023 win singled out as a key example motivating new pre‑enforcement challenges against the SEC.(dlnews.com)

By 2024–2025 there are well over “a handful” of crypto‑related plaintiffs (exchanges, token issuers, DeFi advocates, trade groups and watchdogs) suing the SEC to narrow its jurisdiction or invalidate its approaches—easily approaching Jason’s informal “ten counter‑lawsuits” benchmark once you include suits like Lejilex/CFAT, Beba/DEF, the dealer‑rule challenge, Consensys, Crypto.com, Bitnomial and allied litigation challenging SEC practices.(defieducationfund.org)

Causality is not purely Ripple—other factors like the Grayscale ETF win and later political shifts under the Trump administration also encouraged firms to fight the SEC.(en.wikipedia.org) But Jason’s core forecast—that a sustained Ripple victory would embolden crypto projects and companies to “stand up for themselves” and increasingly litigate against the SEC rather than reflexively settling, producing a wave of counter‑lawsuits challenging the SEC’s position—matches the observed post‑2023 pattern well enough to count as right in outcome, even if not every firm chose that path.