According to Cointelegraph, U.S. Representative Tom Emmer said that unless Congress passes legislation to limit the regulatory scope of federal agencies, overturning the Chevron ruling will have little impact on the crypto industry.
Emmer told the Permissionless conference that Congress needs to reclaim power and that, despite its current authority, it has yet to demonstrate the ability to take back fiscal control and hold these agencies accountable.
The Supreme Court overturned the Chevron decision in June, meaning U.S. courts no longer have to "rely" on the interpretations of federal agencies like the Securities and Exchange Commission when interpreting vague regulations.
Emmer noted that crypto-related bills have recently gained more bipartisan support, such as the 21st Century Financial Innovation and Technology Act in May, which was supported by 71 Democratic House members.
However, Emmer believes the Chevron ruling is likely to have an impact only if Trump wins the Nov. 5 election and Republicans control Congress.
Emmer has been particularly critical of the SEC’s approach to the crypto industry, accusing SEC Chairman Gary Gensler of coining the term “crypto-asset securities” and using it to advance his “enforcement campaign” during a congressional hearing last month.
