Jason Gottlieb Quoted in Coindesk on District Court Division Over XRP and Lack of Regulatory Clarity for Crypto

Partner Jason Gottlieb was quoted in a CoinDesk article entitled “Ripple’s Big Court Win Nonetheless Muddied Waters on Whether XRP Is a Security Deserving Tougher Regulation.” The article discussed how despite Ripple’s recent victory in California, the question still remains whether XRP can be considered a security. The district court split speaks to the lack of legal and regulatory clarity on whether a given crypto asset is a security.

“It’s actually very difficult to say what the law is in this area,” said Jason, who chairs Morrison Cohen’s Digital Assets Practice. “In [Ripple’s] case, when we’re looking at various differing district court opinions, they have not just different results, but different ways of getting those results… Until all these cases bubble up into the appellate courts and ultimately the Supreme Court, we’re not likely to have a lot of clarity on the law in this area.”

In the meantime, the crypto industry is bound by the slow pace of the legal system. “The courts are attempting to resolve 'Neuromancer' issues at a 'Bleak House' pace,” Jason joked. “We’ve got issues going on today that we’re still going to be grappling with in district courts in five, 10 years down the road – and that’s not even counting when we’ll see results from the appellate courts or Supreme Court.”

Read the full article here.