Would transcoding GIFs to VP9 and repackaging them into WEBMs be enough to eschew sanctions ?
No, Giphy, GifyCat, Tenor and pretty much every other gif distribution service has already done something like this from the get go. The GIF is just not well suited for large scale distribution when html supports <video> elements that support non-garbage file formats. I would assume the current ruling is meant to cover 'gifs' as a broad term for looping short form video.
GIF ain't garbage. It's still king for certain types of images, a format from the 80's.
I'm gonna orchestrate a gif pump and dump via /r/memeeconomy. I bet I could make almost $256.