Jason Gottlieb Discusses Major Questions Doctrine and Enormity of Digital Assets Market in Bloomberg Law

Partner Jason Gottlieb was quoted in a Bloomberg Law article entitled “Crypto Companies Push High Court Doctrine Despite Terra Setback.” The article discussed a recent SEC lawsuit involving Terraform Labs Pte Ltd., in which a judge found that crypto is not a major industry and therefore cannot rely on the U.S. Supreme Court’s “major questions doctrine” when fighting securities regulators. The doctrine says that agencies must have clear authorization from Congress for an action that has significant economic or political consequences.

Jason explained that the SEC’s current position, that all cryptocurrencies are securities and remain so even in secondary market trading, is “declaring themselves to be the regulatory authority for all digital assets.” Speaking to the importance of the digital assets industry and what is at stake, he said, “That market is literally uncountable. It’s not a trillion – it’s the future of the entire American economy.”

The question, which the Supreme Court itself may have to resolve, has significant implications for the SEC. Jason stated, “the Supreme Court is going to be extremely interested in the question of whether the SEC is improperly asserting authority to regulate the entire American economy, outside just what it is supposed to be regulating – securities and securities exchanges.”

Read the Bloomberg Law article here.