Bitcoin and Cryptocurrencies Experience Significant Development, Ripple Chief Legal Officer Makes Statement

In a landmark 6-3 decision, the U.S. Supreme Court struck down the 1984 Chevron decision, which required federal judges to rely on federal agencies’ “reasonable” interpretations of unclear laws passed by Congress.

This decision marks a significant shift in the balance of power between the judiciary and federal agencies.

Chief Justice John Roberts, who wrote the decision for the majority, emphasized that courts must independently evaluate whether institutions are acting within legal limits. Roberts, “The courts have ruled that the APA [İdari Prosedürler Yasası] Courts are not required to and cannot, under the APA, defer to an agency’s interpretation of a statute simply because a statute is vague,” he said.

The decision has sparked a range of reactions from different industries, with Ripple Chief Legal Officer Stuart Alderoty expressing strong approval of the decision, particularly in the context of the Securities and Exchange Commission’s (SEC) regulatory approach.

“Gary Gensler thinks the SEC is a ‘police patrol’ created to freely police whatever it wants. In striking down Chevron today, the Supreme Court made clear that the views of enthusiastic bureaucrats deserve no special deference and that their authority is limited by Congress and the courts,” he said.

Economist Timothy Peterson said the decision was initially Bitcoin including crypto para evaluated its effects on the market:

“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.”

*This is not investment advice.