The post Supreme Court Overturns ‘Chevron Deference’—And That Might Be Good for Crypto appeared on BitcoinEthereumNews.com.

The crypto industry was quick to celebrate a Supreme Court ruling Friday that abolished “Chevron deference,” a move giving the federal courts more say in determining the scope of what administrative agencies can do. The landmark 6-3 ruling overturned a 40-year-old Court doctrine that let administrative agencies under the President have the authority to interpret certain laws left vague by Congress. For conservatives skeptical of the Executive Branch’s role in regulating health or the environment, it represented a significant win. While several legal scholars told Decrypt that the ruling could embolden embattled crypto firms, who face lawsuits from the Securities and Exchange Commission (SEC), the legal implications for crypto may be overblown—that’s according to Lee Reiners, who teaches at Duke Law School. The scope of the SEC’s authority in regulating crypto is still tied to questions around their classification as securities, he said in an interview. “The core issue is, ‘Is crypto a security, or is it not?’” he said. “This doesn’t really have any bearing on that. That question is a matter of a legal interpretation, not a matter of an agency overstepping its bounds.” In SEC lawsuits against exchanges and issuers of digital assets, the dividing line between securities and commodities is still unclear. Yet the overturning of Chevron deference could give more discretion to conservative courts with crypto issues before them, he acknowledged. “I don’t think it’ll have any sort of tangible implications in the near term,” Reiners continued.  Still, statutory limits on the SEC’s authority to regulate crypto have been argued by crypto firms before. In an attempt to have an SEC-brought lawsuit tossed last year, the crypto exchange Coinbase argued that the SEC was violating the Major Questions Doctrine, which prohibits agencies from determining questions of “vast economic and political significance” without explicit authorization from…

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Filed under: News - @ June 30, 2024 2:16 am