This week’s Supreme Court ruling limiting the EPA's authority may have a surprising beneficiary: cryptocurrency investors who want to avoid federal regulation.
Krisztian Bocsi / Bloomberg via Getty ImagesThis week’s Supreme Court ruling limiting the Environmental Protection Agency's authority may have a surprising beneficiary: cryptocurrency investors who want to avoid federal regulation.
“The EPA decision signals that the Supreme Court won’t take kindly to regulatory agencies like the SEC attempting to redraw their own jurisdictional boundaries beyond what Congress clearly intended,” Jake Chervinsky, head of policy for the Blockchain Association, a crypto trade group, said in a statement. He said that based on the decision, he believes the Supreme Court would strike down proposed SEC rules for the crypto market.
In ruling against the EPA, Chief Justice John Roberts wrote for a 6-3 majority that when a government agency seeks to regulate an area of major significance, it needs to point to “clear congressional authorization.” “The trend from this SCOTUS is towards eroding the power of administrative agencies to create and enforce broad rules at the federal level,” she said in a statement, using the acronym for the Supreme Court of the United States.
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