TD Cowen: U.S. Supreme Court's decision to overturn Chevron may complicate crypto legislation

Investment bank TD Cowen said on Monday that the U.S. Supreme Court's recent ruling to overturn the Chevron Principles may complicate crypto legislation. The report said: "After the Supreme Court took action, it was generally believed that the ruling was in favor of the cryptocurrency industry. We partially agree with this view because it will help the cryptocurrency industry challenge the rules and enforcement of the U.S. Securities and Exchange Commission in the future. However, this does not change any past rulings, nor will it reconsider previous rulings." The report believes that the bigger question is what this decision means for legislators who want to enact legislation to regulate the industry and stablecoins. Analysts said: "We are discussing details that are not usually seen in legislation, such as what happens when retail investors participate in the staking program of the trading platform, or if the token has ever hidden its source through a mixer, how AML/BSA controls will apply. Both sides are no longer willing to listen to the opinions of regulators because the courts may now conduct a secondary review of these decisions."