The cryptocurrency sector is being challenged by regulatory authorities such as the Securities and Exchange Commission (SEC) and banking regulators. They are utilizing lawsuits and regulations to stifle the expansion of the blockchain business. The Supreme Court, on the other hand, offers optimism to the crypto community.
The Supreme Court has a significant impact on the future of rules. Justices on the Supreme Court, such as Neil Gorsuch and Brett Kavanaugh, are known for their commitment to defending constitutional norms.
The Supreme Court has recently underlined the significance of holding institutions like the SEC accountable for exceeding its authority. This indicates that when agencies attempt to regulate topics of significant national concern, they must obtain congressional authority.
In past cases, this theory was successfully invoked to limit executive overreach. As an example, the Food and Drug Administration (FDA) attempted to regulate cigarettes by classifying them as medications. The Supreme Court took note and ordered a halt to their efforts. The court decided that nicotine did not come within the FDA’s intended scope and categorization as a “drug.”
Similarly, the Supreme Court barred the Environmental Protection Agency (EPA) from broadening its scope to include carbon emissions. The court acknowledged that the legislature was responsible for establishing a national policy on carbon emissions.
In its ongoing struggle with the SEC, Coinbase, a large cryptocurrency exchange, has cited the major questions doctrine in its defense. Coinbase hopes to hold the SEC accountable by emphasizing the importance of Congress’ involvement in creating regulations.
The Supreme Court might provide a vital check as the crypto industry seeks clarification and fair treatment from authorities. All in all, the future of the cryptocurrency sector in the United States remains to be seen and is going to be influenced by future SEC decisions.
Conclusion
Finally, the Supreme Court’s involvement in cryptocurrency regulation has important ramifications. The court can assist secure the future of the cryptocurrency business. As the fight between the SEC and Coinbase heats up, the Supreme Court’s decision might shape the future of cryptocurrency regulation.
