The U.S. Supreme Court's ruling to overturn Chevron Deference is good for the crypto industry

The 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 make legislative rules to interpret the meaning of the law when there are ambiguous statements or rule gaps in congressional legislation. People in the crypto industry said the ruling brought a victory to the crypto industry. Amanda Tuminelli, chief legal officer of the DeFi Education Fund, said: "This ruling means that administrative agencies like the SEC and CFTC will need to expand their regulatory scope more cautiously, especially in emerging and rapidly developing fields such as encryption and artificial intelligence." Majority Whip Tom Emmer said this will have a direct impact on Gary Gensler, chairman of the U.S. Securities and Exchange Commission. He said: "The Supreme Court's decision to overturn Chevron has weakened the regulatory abuse of Gensler and all other unrestrained and unelected rulemaking legislation."

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