The Block Crypto News24 minutes ago

Published on July 01, 2024 17:45 GMT+00:00edited on July 01, 2024 17:49 GMT+00:00

A recent U.S. Supreme Court decision to overturn the Chevron doctrine muddles the push for legislation to regulate the crypto industry and stablecoins, investment bank TD Cowen said on Monday.

The Supreme Court voted 6-3 on Friday to overturn a 40-year-old court decision that defers to federal agencies to interpret the law how they see fit. Crypto pundits have said the decision gives the crypto industry an advantage and means that agencies, such as the Securities and Exchange Commission, will have to proceed with caution in the future. 

"The conventional wisdom after the Supreme Court acted is that the decision benefits the crypto sector. We partly agree as this will help future crypto challenges to SEC rules and enforcement. Yet it does not change any past rulings or open prior …