The U.S. Supreme Court's decision to overturn the Chevron doctrine — a 40-year-old court decision that defers to federal agencies to interpret the law how they see fit — could prove to be beneficial to the crypto industry.
The Chevron doctrine, also called the Chevron deference, comes from a Supreme Court case in 1984 called Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. In that case, the Supreme Court put forward a legal test that said courts should defer to a federal agency's interpretation when the law is ambiguous.
"Corporate interests want extremist judges to write the rules at the expense of consumers, workers, safety, and the environment," Warren said.The Supreme Court's decision gives the crypto industry an advantage, said Amanda Tuminelli, chief legal officer at the DeFi Education Fund. Tuminelli also said she was hopeful the ruling would lead to action from Congress. Lawmakers in Washington are currently working on a few bills to regulate crypto, including FIT21, which looks to take a comprehensive approach to writing rules for the industry. However, bills like those have not made it to President Joe Biden's desk.
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