U.S. Representative: Unless Congress restricts regulators, overturning the Chevron principle may not be good for the crypto industry

U.S. Rep. Tom Emmer said the crypto industry will not benefit from an overturned legal doctrine that forces courts to use federal agencies’ interpretations of ambiguous laws unless Congress passes legislation to limit the regulatory reach of relevant agencies. In June, the Supreme Court struck down the Chevron doctrine, meaning that U.S. courts no longer have to “defer” to federal agencies such as the U.S. Securities and Exchange Commission when interpreting ambiguous regulations. “You have to give the power back to Congress… We have the power now, but we haven’t shown the ability to take the money back and hold these different agencies accountable,” Emmer said at the Permissionless conference in Utah on Oct. 9. Acknowledging that crypto-related bills have recently gained more bipartisan support, Emmer noted that in May, 71 Democratic House members joined Republicans in voting for the 21st Century Financial Innovation and Technology Act. However, Emmer claimed that only if Trump wins the November 5 election and Republicans control the House and Senate can the overturn of the Chevron doctrine have potential impact. (Cointelegraph)