Satoshi

Donald Trump

United

The crypto industry won’t benefit from an overturned legal doctrine that forced courts to use federal agency interpretations of ambiguous laws unless Congress passes legislation limiting what those agencies can regulate, said Representative Tom Emmer, a Minnesota Republican.
“I don’t think Chevron deference changes a whole lot,” Emmer told Cointelegraph at the Permissionless conference in Utah on Oct. 9.
<blockquote>
 “You gotta put the authority back with Congress [...] We have authority now, but we’ve not shown the ability yet to take back the power of the purse and to hold these different agencies accountable.”
</blockquote>
The United States Supreme Court <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/supreme-court-us-crypto-chevron" rel="null" target="null" text="null" title="null">overruled the Chevron doctrine</a> in June, meaning US courts no longer need to “defer” to federal agencies like the Securities and Exchange Commission when interpreting ambiguous statutes.
<figure>
 <img alt="Overturned Chevron deference likely won’t impact crypto regulation: Tom Emmer" src="https://s3.cointelegraph.com/uploads/2024-10/019273d5-8b37-75f4-aeb9-4786d385d1a7" title="">
 <figcaption style="text-align: center;">
 Emmer (right) in a panel discussion at Permissionless. Source: Turner Wright/Cointelegraph
 </figcaption>
</figure>
Emmer acknowledged that crypto-related bills have seen more bipartisan support lately, pointing to the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fit21-bill-crypto-congress-cftc-sec-us" rel="null" target="null" text="null" title="null">71 Democrat Representatives </a>that voted in favor with their Republican counterparts for the Financial Innovation and Technology for the 21st Century Act in May.
Still, Emmer said, only a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/donald-trump-robinhood-chair-sec-report" rel="null" target="null" text="null" title="null">Donald Trump win</a> in the Nov. 5 presidential election and Republicans controlling the House and Senate could make Chevron impactful.
<blockquote>
 “[Only then] you could maybe see for the first time in 30 years, a government that gets a budget and that actually enforces the budget and holds these agencies accountable.”
</blockquote>
Should Trump win, Emmer is confident that Congress will see more lawmakers with “institutional knowledge” of crypto-related matters.
Related: <a data-ct-non-breakable="null" href="http://crypto.com" rel="null" target="null" text="null" title="null">Crypto.com sues SEC to ‘protect the future of crypto’ in US</a>
Emmer has been particularly critical of the SEC’s treatment of the crypto industry.
Emmer scolded <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/how-blockchain-can-transform-government-sector" rel="null" target="null" text="null" title="null">SEC Chair Gary Gensler</a> in a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-chair-gary-gensler-grilled-lawless-destructive-enforcement-crypto-regulation" rel="null" target="null" text="null" title="null">congressional hearing</a> last month, alleging he made up the term “crypto asset security” and used it to assist his “enforcement crusade.”
“Your inconsistencies on this issue have set this country back,” Emmer told Gensler. “We could not have had a more historically destructive or lawless chairman of the SEC.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/insane-satoshi-podcast-created-in-seconds-crypto-ai-outperform-memecoins-ai-eye/" rel="null" target="null" text="null" title="null">Insane Satoshi podcast created in seconds, Crypto + AI outperform memecoins: AI Eye</a>
Additional reporting by Turner Wright.

Overturned Chevron deference likely won’t impact crypto regulation: Tom Emmer

Cointelegraph

Other articles published on Oct 10, 2024

SOL fights to reclaim $160 as this $0.03 altcoin rival sets to hit $1 by Q1 2025

Shiba Inu Crisis: Shibarium Loses Investor Confidence

Top Crypto Exchanges for Secure and Efficient Trading in 2024

Eighteen Individuals and Entities Charged in Massive Fraud and Crypto Market Manipulation

Q3 2024 NFT Market Report: Trading Volume Exceeds $1.1 Billion Amid Shifting Landscape

Crypto Market Crash Looms as Bitcoin Fails to Break $66K

Join our free newsletter for daily crypto updates!