A recent U.S. Supreme Court decision to overturn the Chevron doctrine muddles the push for legislation to regulate the crypto industry and stablecoins, investment bank TD Cowen said on Monday.
"The conventional wisdom after the Supreme Court acted is that the decision benefits the crypto sector. We partly agree as this will help future crypto challenges to SEC rules and enforcement. Yet it does not change any past rulings or open prior decisions to reconsideration," TD Cowen Washington Research Group, led by Jaret Seiberg, wrote in the note.
"It takes off the table the most common tactic to find a bipartisan compromise, which is to keep the language ambiguous in order to leave the final decision to the regulator," Seiberg said. "This offers political benefits as lawmakers can later criticize the regulator for not following the intent of Congress, even if Congress failed to clearly articulate what should happen."
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