US Supreme Court Ends SEC’s Broad Crypto Oversight with Chevron Doctrine Repeal
The crypto community is celebrating the US Supreme Court’s decision to overturn the Chevron doctrine, which allowed federal agencies like the SEC broad powers in interpreting laws.
This 6-3 ruling is seen as ending unjust regulatory overreach, particularly criticized in the SEC’s handling of crypto.
Chevron gone.
6-3.
Administrative agencies don’t get to decide their own powers.
Massive win for the Constitution.https://t.co/4qtVXDsunO pic.twitter.com/CTCTBpa1Gg
— 🇺🇸 Mike Davis 🇺🇸 (@mrddmia) June 28, 2024
Mike Cagney of Figure Markets highlighted the shift, noting it gives courts, not regulators, the final say in legal interpretations, crucial for clarity in the industry.
Austin Campbell from Columbia Business School agreed, seeing it enhance legal certainty despite potential challenges for Congress.
Economist Timothy Peterson welcomed the ruling for limiting SEC’s unilateral power over Bitcoin regulations, anticipating fairer rules.
READ MORE: Denmark Considers Banning Non-Custodial Bitcoin Wallets
FOX Business’s Eleanor Terrett clarified the ruling’s impact, raising doubts over SEC’s crypto oversight without explicit Congressional authorization.
Despite support from the crypto sector, critics like Senator Elizabeth Warren see it as a move benefiting corporate interests at the expense of consumer protection, echoing concerns raised by President Biden’s administration.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
