Cryptocurrency circles welcomed the recent decision by the US Supreme Court. Ripple officials have shared their reactions to this decision.
In a landmark 6-3 decision, the U.S. Supreme Court overturned the 1984 Chevron ruling. Previously, this ruling required federal judges to accept federal agencies’ “reasonable” interpretations of unclear laws from Congress. This new decision represents a major shift in the balance of power between the judiciary and federal agencies.
Supreme Court Decision on Chevron Ruling and Reactions from Ripple
Chief Justice John Roberts, who wrote the majority opinion, emphasized that courts must independently assess whether institutions are acting within their legal limits. He stated, “Courts must use their independent judgment in determining whether an agency is acting within its lawful authority, as required by the APA [Administrative Procedures Act], while courts are not required to and cannot defer to an agency’s interpretation of the statute simply because a statute is vague, under the APA.”
The decision has triggered various reactions across different sectors. Ripple’s Chief Legal Officer, Stuart Alderoty, expressed strong approval, particularly regarding the implications for the Securities and Exchange Commission’s (SEC) regulatory approach.
Reactions to Supreme Court’s Overturn of Chevron Doctrine
Ripple’s Chief Legal Officer commented on the Supreme Court’s decision, saying, “Gary Gensler thinks the SEC is a ‘patrol cop’ created to freely police whatever he wants. By striking down Chevron today, the Supreme Court made clear that the views of eager bureaucrats deserve no special deference and that their authority is limited by Congress and the Courts.”
Economist Timothy Peterson analyzed the decision’s impact on the cryptocurrency market, particularly Bitcoin. He stated, “This is the biggest win for Bitcoin. It is much more important than any case or law. The Chevron doctrine meant that the implementing agency was the automatic subject matter expert. They are not anymore. SCOTUS’s reversal of the Chevron doctrine limits the SEC’s unilateral interpretive authority against Bitcoin. All those ‘staff opinions’ saying ‘so-and-so is a security’? No more. Courts must now examine the SEC’s anti-Bitcoin stance, potentially leading to fairer regulations and a more balanced legal environment.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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