I was expecting a lawsuit in the days after it was signed .. I imagine a lot of folks would like to challenge but maybe they are afraid of some kind of harassment.

there first needs to be a law enforcement action based on the law which is then fought through the courts all the way to the Supreme Court?
Paging mrfisher, our leading still-not-a-legal-expert.

but they rejected it on account of the yellow and brown stains on it.

You can see the membership here waning already. It won't take years for this site to either shutdown or become completely obsolete to U.S. members.
I don't mean to take a shit on everyone's hopes. I just think it's a realistic view of the situation.

I believe you are correct.  Someone actually has to be affected by the law to give them the standing to take it to court.

It is always a good idea to keep a pair of briefs around.  Why, just the other day, my doc asked me for a urine sample, a stool sample, a blood sample and a semen sample.  I just handed him my briefs.

If TER didn't have a plan working, the smart move was to close down immediately and take what money was left and run rather than bleed out financially over time. I've seen a lot of businesses get hit with catastrophes and the ones that just need to make  some adjustments to get back on top stay the course.  For others where all hope is lost and there is NO way out, the sooner they stop, the less money they lose.

No doubt they're trying to figure out a way around. This site is probably the most important in the hobby. So, to just throw in the towel immediately wouldn't be prudent. The real question is.... Will there be a workaround to these laws?  How hard will these new laws be enforced? And how fast and loose will law enforcement play with the interpretation of these laws? The laws aren't even in implementation yet, so how do you really know how to cover your ass?

than I am a lawyer, but I don't think you can just challenge a new law.  You have to wait until some government agency tries to APPLY the law to a specific situation and then make your court challenge that its unconstitutional. Then if the government loses, its unlikely that it would not be appealed up through the Federal court system, which could take a number of years.  So until LE somewhere decides to bust somebody on FOSTA/SESTA, I think there is no choice but to wait until the opportunity to challenge it presents itself by way of an LE action of some kind.   The problem I see is if its used to bust someone without the financial means to challenge it, it may stand for a long time until the next opportunity appears.  

The problem of course is finding someone to "bell the cat", especially when someone convicted under these new laws could be looking at literally decades in prison. It's real easy to urge people to stand up for their rights, but it's a lot harder when you realize what the stakes are if they lose.

Doesn't the law go into effect in Jan 2019?