Bitcoin
Supreme Court overturns Chevron, reducing SEC’s ‘unilateral power’ over cryptocurrencies: expert
Economist Timothy Peterson said the US Supreme Court’s decision to overturn Chevron will prevent the SEC from acting as an “automatic subject matter expert” on cryptocurrencies. June 28th.
The Chevron doctrine originated in a 1984 case titled Chevron v. Natural Resources Defense Council, which created a test for determining when U.S. federal courts should defer to agency interpretations of laws and statutes.
Impact on SEC Authority
According to Peterson, the decision to nullify the Chevron doctrine limits the SEC’s “unilateral interpretative power” against Bitcoin.
Peterson wrote:
“This is Bitcoin’s BIGGEST victory. Far more important than any case or law.”
He stated that the decision will require courts to thoroughly examine the SEC’s anti-crypto stance. The change could produce fairer regulations and a more balanced legal landscape, including reducing the ability of SEC staff to define assets as securities.
FOX Business reporter Eleanor Terrett he said The Chevron demise does not entirely remove the SEC’s ability to take enforcement action, but it does open up the question of whether Congress has granted the SEC the authority to regulate cryptocurrencies as a security.
Terrett said Chevron’s demise could impact the SEC case against Consensys and his claim that certain tokens are securities. She noted:
“The SEC’s allegation that Consensys is an unregistered broker-dealer engaged in the offer and sale of unregistered securities [may have] less weight in the eyes of a judge than [before].
In JanuaryAttorney Paul Clement presented oral arguments in the case of Loper Bright Enterprises vs. Raimondo – a case that led to the takedown of Chevron on June 28.
He called crypto a “concrete example” of the Chevron-related impasse and claimed that Congress has not addressed crypto because agencies can claim authority over such matters. He implicitly referred to the SEC and its chairman. Gary Genslerstating:
“There’s an agency head out there who thinks… he’s going to wave his wand and say the words ‘investment contract’ are ambiguous, and that’s going to suck all of that into [his] regulatory scope.
He later said someone “will litigate whether cryptocurrency is an investment contract” among other issues, adding that the Chevron override could “move things … in the right direction” when it comes to handling such cases.
Chevron struck down in non-crypto cases
The U.S. Supreme Court struck down Chevron in two cases on June 28 – Relentless Inc. v. Department of Commerce and Loper Bright Enterprises v. Raimondo.
The New Alliance for Civil Liberties (NCLA), responsible for the first case, said the ruling means that gaps and ambiguity in statutes no longer grant agencies statutory authority. The latest ruling instead requires Article III courts to address these ambiguities.
In striking down the doctrine, Justice John Roberts said:
“The only way to ‘ensure that the law will not just change erratically but will develop in an intelligible and principled way’ is for us to leave Chevron behind.”
The cases are not specifically related to crypto or the SEC. However, the NCLA emphasized the far-reaching reach of the ruling, noting that it prevents “all federal agencies” from abusing deference and calling it “a fundamental reform whose full impact will be revealed over time.”
Mentioned in this article
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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