The US regulators’ stringent regulatory actions and intense scrutiny over cryptocurrencies and crypto exchanges have shattered crypto growth and adoption. However, experts believe that the Supreme Court overruling the Chevron doctrine is almost here and will have far-reaching implications for the crypto industry as judges could end or limit the doctrine.

John Deaton, an attorney representing 75,000 XRP holders, also mentioned earlier that the fight against Chevron doctrine is crucial for crypto. The SEC could face a fresh challenge sometime later if the US Supreme Court goes for abolishing the Chevron Doctrine.

Chevron Doctrine Overturn Key For Crypto

Major legal shifts are happening in the U.S. law and regulatory system, including contesting Chevron doctrine, which will pave the way for crypto adoption while reducing the powers of regulators.

Crypto industry participants are discussing how overruling Chevron doctrine is key for crypto. Bain Capital Crypto’s Khurram Dara, while it will not “solve all the problems with the emergency docket, but it is going to make it a lot better.”

The US Supreme Court’s biggest opportunity to curb federal regulators comes as the justices weigh a major legal shift significantly reducing their power over workplace conditions, drug safety, and emerging issues such as climate change and cryptocurrency.

Arguing before the Supreme Court in the Loper Bright case, Paul Clement just cited crypto as a “concrete example” of the problems with Chevron:

“There’s an agency head out there that thinks that he already has the authority to address this uniquely 21st century problem with a…

— Khurram Dara (@KhurramDara) January 17, 2024

Fox Business journalist Eleanor Terrett also noted that the potential overturning of the Chevron doctrine by the Supreme Court judges will have far-reaching implications for the crypto industry. The defense lawyers cited SEC under Chair Gary Gensler’s overreach to regulate crypto using decades-old regulations.

Lawyers requested the court to overrule decades-old Chevron doctrine that often requires judges to defer to federal agencies about the scope of their authority.

Also Read: Ripple CTO Agrees With Franklin Templeton On XRPL Potential

Implications for Crypto

The overruling of the Chevron Doctrine could provide an added advantage to crypto firms such as Ripple and Coinbase to further pressure the SEC in the lawsuits.

It will urge regulators such as the SEC to work on providing clear regulatory frameworks to new industries and wait for the Congress to introduce regulations, rather than utilizing the regulation-by-enforcement approach.

Furthermore, it has the potential to facilitate firms in utilizing emerging technologies such as crypto, which continue to encounter challenges despite the approval of spot Bitcoin ETFs.

Also Read: Here’s Why Crypto Market Is Down Today, Short-Term Bitcoin ETF Impact Largely Over

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Filed under: News - @ January 1, 1970 12:00 am