Regulation
Crypto Industry Cheers Supreme Court Decision on Chevron
The crypto community is celebrating the U.S. Supreme Court’s decision to overturn the Chevron Doctrine, a 40-year-old principle that defers to federal agencies’ interpretation of the law.
Crypto stakeholders noted that the Supreme Court’s 6-3 decision ended a precedent that had unfairly given power to unelected agencies like the Securities and Exchange Commission (SEC). Over the years, the SEC has often been criticized for its narrow interpretation of the law against the emerging industry.
Mike Cagney, co-founder and CEO of Figure Markets, highlighted the importance of the ruling for the cryptocurrency industry. He said the decision changes application by regulators to courts.
“Previously, when there was no clear legislation, the courts had to side with the regulator (e.g., the SEC). With this decision the courts decide independently. Great for our space,” Cagney added.
Austin Campbell, an adjunct professor at Columbia Business School, said the ruling forces the SEC to do so follow clear written rulesHe noted that “this decision will have some unintended consequences and will likely place the burden back on Congress, but in the long run, it is a huge net benefit for judicial and legal certainty in our industry.”
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Similarly, economist Timothy Peterson said the decision would prevent the SEC from acting as an “automated subject matter expert” on cryptocurrencies.
“[The Supreme Court] overturning Chevron’s deference limits the SEC’s unilateral interpretive power against Bitcoin. All those “staff opinions” that said “such and such is a title”? Disappear. Now the courts must carefully examine the SEC’s anti-Bitcoin stance, potentially leading to fairer regulations and a more balanced legal environment,” Peterson noticed.
Meanwhile, FOX Business reporter Eleanor Terrett explained that the ruling does not completely remove the SEC enforcement capacityHowever, he noted that it raises questions about whether Congress authorized the The SEC will regulate cryptocurrencies as a safety.
“The SEC’s claim to have full jurisdiction over cryptocurrencies is less important today than it was yesterday because there is a question of whether Congress has given the SEC the authority to regulate it based on whether or not it is a title”, Terrett declared.
Republican Congressman Warren Davidson corroborated Terrett’s point of view. He noted that the “decision does not preclude a delegation of rulemaking power by Congress. [However, it] prevents the issuing of regulations where no delegation has been made.”
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Despite the broad support, Pres Jupiter The Biden administration and key Democratic Party figures, including Elizabeth Warren, have criticized the ruling. Warren, a well-known cryptocurrency skeptic, They called it a power grab by the far right to benefit the rich and wealthy.
“Corporate interests want extremist judges to write the rules at the expense of consumers, workers, safety and the environment,” he said. She said.
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