According to BlockBeats, on June 29, Ripple won an undoubted victory in a class-action securities lawsuit, with the judge dismissing most of the lawsuit. However, the judge also confused the issue on a larger issue, suggesting that Ripple's XRP may be a security and therefore requires stricter regulation, which is contrary to last year's high-profile ruling.
The conflicting rulings by two judges — one saying XRP is a security, the other arguing that it is largely not — are symptomatic of a larger problem: a lack of legal and regulatory clarity in the U.S. cryptocurrency industry. Unless Congress or higher courts provide clarity, projects like Ripple are likely to get even more muddled.
“At least with respect to this collateral cause of action, the question of whether XRP is a security is unresolved,” explained Moish Peltz, a partner at the New York law firm Falcon, Rappaport & Berkman.
