Eleanor Terrett highlighted the negative potential of outgoing regulatory officials.
Outgoing officials can file a “midnight lawsuit” that is not subject to the CRA.
Only new regulations can be reviewed by Congress within 60 days of enactment.
Fox Business journalist Eleanor Terrett raised concerns about outgoing regulatory officials potentially targeting the crypto industry in their final days in office. She referenced the 2020 SEC lawsuit against Ripple, describing it as a “midnight lawsuit” designed to avoid oversight under the Congressional Review Act (CRA).
In a post on X, Terrett responded to claims suggesting any last-minute regulations by agencies like the FDIC, SEC, and CFTC would fall under Congressional review. She clarified that not all actions, particularly lawsuits, are subject to such scrutiny.
How the Congressional Review Act Can Shield Crypto
According to the observer, the CRA allows Congress to disapprove federal regulations issued by agencies such as the FDIC, SEC, and CFTC. The observer also clarified that the look-back period for such fresh regulations is 60 legislative days, allowing for the potential review of any new laws …
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