US Bitcoin Industry Cheers as US Supreme Court Rejects Chevron Doctrine, Influencing Crypto Sector
The crypto space is buzzing with excitement following the US Supreme Court’s decision to overturn the long-standing Chevron doctrine, which had allowed federal agencies to interpret the law with authority. Crypto supporters argue that this ruling marks a significant victory as it curtails the power of unelected bodies like the Securities and Exchange Commission (SEC), commonly criticized for its strict interpretation of regulations in the crypto industry.
Emphasizing the impact on the crypto sector, Mike Cagney, Figure Markets’ co-founder and CEO, noted that this decision transfers enforcement from regulators to the courts. He further stated that courts now have the autonomy to make decisions in the absence of clear legislation, marking a pivotal moment for the crypto space.
The ruling’s implications echo throughout the industry, gaining support from various experts. Austin Campbell, an adjunct professor at Columbia Business School, highlighted that the SEC will be compelled to adhere to clear, written rules. While he acknowledges that it may bring unintended consequences and potentially shift the burden onto Congress, Campbell believes it ultimately provides greater legal certainty.
Economist Timothy Peterson also hailed the Supreme Court’s decision for restraining the SEC’s authority over Bitcoin and preventing it from acting as an automatic expert. Peterson suggests that by overturning Chevron deference, the court’s ruling may prompt fairer regulations and a more balanced legal environment.
FOX Business reporter Eleanor Terrett clarified that the ruling does not entirely strip the SEC of its regulatory powers. However, she emphasized that it raises doubts about whether Congress has granted the SEC the legal authority to regulate crypto as a security. Consequently, this ruling weakens the SEC’s ability to assert complete jurisdiction over the crypto space.
While the decision has garnered widespread support, critics within the Biden administration, such as Senator Elizabeth Warren, have voiced concerns. Warren, who has been skeptical about cryptocurrencies in the past, criticized the decision as a power grab by the far-right, benefiting the wealthy and well-connected. She framed it as a move driven by corporate interests that undermines consumers, workers, and environmental safety.
The US Supreme Court’s rejection of the Chevron doctrine has ushered in a new era in the crypto sector, affording greater autonomy to the courts and potentially leading to fairer regulations. The implications of this decision are expected to shape the future legal landscape for cryptocurrencies in the United States.