According to Cointelegraph, U.S. Congressman Tom Emmer stated 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 stated at the Permissionless conference that Congress needs to reclaim its power, although it currently has the authority, it has not shown the ability to regain fiscal control and hold these agencies accountable.
The Supreme Court overturned the Chevron ruling in June, which means that U.S. courts no longer need to 'rely' on interpretations from federal agencies such as the Securities and Exchange Commission when interpreting ambiguous regulations.
Emmer pointed out that recent crypto-related bills have received more bipartisan support, such as the (21st Century Financial Innovation and Technology Act) which received support from 71 Democratic Congress members in May.
However, Emmer believes that the Chevron ruling may only have an impact if Trump wins the election on November 5 and the Republican Party controls Congress.
Emmer is particularly critical of the SEC's treatment of the crypto industry. He accused SEC Chair Gary Gensler last month during a congressional hearing of inventing the term 'crypto asset securities' and using it to push his 'enforcement agenda'.