Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Will the Supreme Court’s EPA Decision Move Crypto Regulations off their Tracks?
This 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. 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.”
Read: Important Nuances in the Lummis‐Gillibrand Crypto Bill: Not Securities?
Bitcoin and similar digital currencies are so new, there’s no specific federal law governing them. In that absence, two regulatory agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission, have taken significant steps toward oversight of crypto.
Blockchain Association, Jake Chervinsky:
[He said that based on the decision, he] believes the Supreme Court would strike down proposed SEC rules for the crypto market.
Perianne Boring, founder and CEO of the Chamber of Digital Commerce:
Today’s decision in West Virginia v. EPA at the very least should give regulators pause in attempting to set policies that exceed their congressionally mandated roles.
See: Gensler’s Updated Regulatory Agenda Critized by SEC Commissioners Peirce and Roisman (Exempt Securities)
Sheila Warren, CEO of the Crypto Council for Innovation:
I don’t think federal agency rulemaking is off the table in the digital assets space, but I do think this ruling is an indicator that SCOTUS will be a barrier to agencies that are trying to establish broadscale federal policies, especially in areas that states have expressed interest in.
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