Opinion: US Supreme Court's ruling overturning Chevron Deference benefits crypto industry

U.S. Supreme Court justices voted 6-3 on Friday to overturn the Chevron Deference Rule, a 40-year-old statute that allows the executive agency responsible for implementing the law to create legislative rules to interpret the meaning of the law when there are ambiguities or gaps in the rules in congressional legislation.
Industry insiders said the ruling was a victory for the crypto industry. Amanda Tuminelli, chief legal officer of DeFi Education Fund, said: "This ruling means that administrative agencies like the SEC and CFTC will need to be more careful about expanding their regulatory reach, especially in emerging and fast-growing areas such as crypto and artificial intelligence."
Tom Emmer, the majority whip, said this would have a direct impact on Gary Gensler, chairperson of the Securities Exchange Commission. "The Supreme Court's decision to overturn Chevron undercuts Gensler and all other unchecked, unelected regulatory abuses that legislate by making rules," he said.