And so, somehow, Crypto.com has reached the precipice. If it wins the first “ripeness” issue and is allowed to bring its case, little stands in its way. Its arguments on the merits are strong, and there are few courts more sympathetic to those arguments than E.D.Tex. From there it would go to the Fifth Circuit, the court the SEC fears the most. And then, just maybe, the Supreme Court, where it would have a sympathetic panel and one of the most experienced appellate attorneys in the country to make its case.