• The U.S. Supreme Court is considering overturning the landmark Chevron v. Natural Resources Defense Council ruling, which would put a greater burden on Congress to directly tackle policy issues and give judges more authority to define the limit of agency powers.
• The SEC vs Ripple ruling is expected to be released soon, as both parties have already been briefed by the judge.
• With other global jurisdictions approving crypto-friendly policies in order to attract financial institutions seeking to invest in Web3 businesses, analysts indicate that the United States is lagging behind when it comes to regulating cryptocurrency and blockchain technology.
Chevron Doctrine
The Chevron doctrine states that courts should defer to administrative agencies when they offer a reasonable interpretation of an unclear statute. This decision has not been relied on by the United States Supreme Court since 2016, and an appeal from four New Jersey fishing companies aims to overturn it in order for Congress to be able to directly tackle policy issues and give judges more authority over defining agency powers.
SEC vs Ripple Case
The SEC vs Ripple case ruling is expected at any time now, as both parties have already been briefed by the judge. If Ripple wins this case, it could provide them with a big breakthrough in their lawsuit against the SEC’s allegations that XRP is an unregistered security.
Regulatory Framework
The rising demand for digital assets has pushed Europe into introducing a Markets in Crypto Assets (MiCA) regulatory framework while Hong Kong regulators are about to introduce crypto-friendly policies in order attract Chinese financial institutions investing in Web3 businesses. This brings up the question of how far behind the US really is when it comes down to regulating cryptocurrency and blockchain technology compared with other global jurisdictions?
Implications of Overturning Chevron Doctrine
Overturning this doctrine would mean that Congress would need take direct action on policy issues while also giving judges more power over defining limits of agency powers. James Goodwin, senior policy analyst at Center for Progressive Reform stated: “Chevron has become the crucial bulwark to protect executive branch agencies from doing the job that Congress assigned them without improper interference from courts” Cary Coglianese director of Penn Program on Regulation at University of Pennsylvania’s law school believes overturning this doctrine will essentially “pull out rug from under Congress for last 40 years”
Conclusion
To conclude, although there are many implications if this ruling were overturned such as increased burden on congress or increased court authority; overall it could prove beneficial for countries such as US who are lagging behind when it comes down regulating cryptocurrency and blockchain technology compared with other global jurisdictions .