The United States Supreme Court’s decision in the Loper Bright vs. Raimondo case could have a significant impact on the cryptocurrency industry, potentially shifting the balance of power between the judicial and executive branches of the US government.
In a landmark 6-3 decision, the Supreme Court ruled that US courts will no longer be required to defer to federal agencies when interpreting ambiguous statutes, overturning the long-standing Chevron USA Inc. vs. Natural Resources Defense Council decision from 1984. “Chevron is overruled,” the court declared on June 28.
Implications for the Crypto Industry
This decision is far-reaching and affects various sectors, including technology, finance, healthcare, and the environment. Jim Lundy, a securities enforcement and litigation partner at Foley & Lardner and former senior regulatory counsel at the US Securities and Exchange Commission, commented that the Supreme Court’s ruling was appropriate because the Chevron deference had been overly stretched by certain agencies.
Joshua Simmons, a partner at Wiley Rein and adjunct professor at the University of Virginia School of Law, emphasized that the Loper Bright ruling is a “game changer” for the crypto and blockchain sector. He noted that the decision eliminates the deference that agencies previously enjoyed, which means more companies will likely challenge agency decisions. These companies will now face a more level playing field when bringing their cases.
Summary Review:The Supreme Court’s ruling in Loper Bright vs. Raimondo has the potential to reshape the regulatory environment for US crypto firms. By limiting the power of federal agencies to interpret ambiguous statutes without judicial oversight, the decision could lead to increased challenges against regulatory actions and provide a more balanced arena for crypto companies to operate and innovate.
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