The Supreme Court recently overturned the Chevron deference legal doctrine, potentially upending many financial regulations. Here’s what experts say it could mean for investors and the crypto indus…
A view of the US Supreme Court on July 1, 2024, in Washington, DC. The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.have in common? Maybe just one thing: Until recently, they were all regulated by a powerful legal doctrine known as Chevron deference.
“Congress writes statutes, and they can’t predict everything. No one can. So they leave gaps; they’re human. Somebody has to fill in those gaps. And under ChevronOver the past 40 years, Chevron deference has been used in over 19,000 federal court cases, and Congress has passed broadly worded laws with the expectation that Chevron deference would allow agencies to interpret them into specific regulations.
According to Alex Alben, a professor at the UCLA School of Law and former chief privacy officer for the state of Washington,“In cases such as the regulation of cryptocurrencies, where there are very few laws, and there are even very few agency interpretations — in those fields, we’ve definitely seen a power shift from the agencies to the courts,” Alben says.
Blume says that in the short term, Loper Bright may turn the tide in favor of crypto companies in certain regulatory situations. For example, Uniswap, a developer of decentralized crypto exchange software, is facing legal action from the SEC, which regards it as an unregistered securities exchange and broker that may be violating federal securities laws.
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