2024

Gary

Read

<ul>
 <li>The Supreme Court ruling limits SEC’s power to classify blockchain tokens as securities based on ambiguous laws.</li>
 <li>Courts now decide if agencies like the SEC act within statutory authority, impacting regulatory interpretations.</li>
 <li>Increased judicial review expected in agency actions, affecting SEC’s enforcement of blockchain-related cases.</li>
</ul>
<p>The <a href="https://www.sec.gov/" target="_blank" rel="noopener noreferrer nofollow">Securities and Exchange Commission</a>‘s (SEC) regulatory authority has been greatly limited by a recent Supreme Court ruling. The Loper bright enterprises vs Raimondo, secretary of commerce, case ruling will impact ongoing court cases and act as precedence for future litigation.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Breaking: Todays Supreme Court ruling effects Gary Gensler's ruling a blockchain token is or is not a security directly. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>SEC is in trouble!!!!<br><br>This case has implications for Gary Gensler and the interpretation of the law by agencies. The Supreme Court… <a href="https://t.co/OiLM8y1Fyg" rel="noopener noreferrer nofollow">pic.twitter.com/OiLM8y1Fyg</a></p>— MartyParty (@martypartymusic) <a href="https://twitter.com/martypartymusic/status/1809353331132748207?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The <a href="https://cryptonewsland.com/secs-chair-gary-gensler-opposes-fit21-bill-for-weakening-securities-laws/" target="_blank" rel="noopener noreferrer nofollow">formal position of SEC Chairman Gary Gensler</a> on the classification of some tokens as securities is directly impacted by this ruling. The verdict states that agencies cannot use their own interpretations of unclear laws to defend their actions. Instead, courts must decide whether an agency operated within its statutory jurisdiction.</p>
<p>The SEC and other federal agencies’ interpretation and enforcement of regulations will be directly impacted by this historic ruling. According to the verdict, it is the&nbsp; courts’ role to evaluate whether an agency operated within its legislative jurisdiction.</p>
<p>This implies that government agencies cannot simply interpret statutes to meet their regulatory objectives. This has led to concerns about how the SEC has handled cryptocurrencies and its regulation so far.</p>
<p>This ruling may have an impact on <a href="https://cryptonewsland.com/xrp-army-recognises-gary-genslers-last-shot-at-revenge/" target="_blank" rel="noopener noreferrer nofollow">existing and future cases</a> involving blockchain tokens and other securities. The SEC, led by Gensler, has been actively pursuing claims against numerous blockchain projects. With the new ruling, courts will play a more significant role in determining the powers of such regulatory bodies.</p>
<p>This ruling may also have implications for government agencies other than the SEC. Agencies across the federal government may face similar scrutiny in their interpretations of statutes. This has the potential to cause further structural shifts in the exercise and challenge of regulatory authority in the legal system.</p>
<p>The Supreme Court’s ruling represents a significant moment for the SEC and its regulatory authority over cryptocurrencies. By limiting agencies’ authority to interpret complex statutes independently, the ruling underscores the importance of judicial review in ensuring that agency actions remain within statutory limitations.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<p>The post <a href="https://cryptonewsland.com/supreme-court-ruling-limits-secs-authority-on-blockchain-tokens-major-win-for-crypto-adoption/" rel="noopener noreferrer nofollow">Supreme Court Ruling Limits SEC’s Authority on Blockchain Tokens, Major Win for Crypto Adoption</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Supreme Court Ruling Limits SEC’s Authority on Blockchain Tokens, Major Win for Crypto Adoption

Crypto News Land

Other articles published on Jul 6, 2024

House Wants to Overturn Biden's SAB 121 Veto of Crypto Custody Standards

July 2024’s Game-Changing Crypto Projects

Trivnex Unveils AI-Powered Breakthroughs to Revolutionize Cryptocurrency Ecosystem

MoonBag’s Best Presale in July 2024 is Live Now With 88% APY on its Staking – Astonishing Price P...

XRP Price Analysis: Will It Rebound After Recent Market Dip?

Bitcoin Miners Face Profitability Challenges Amid Rising Production Costs

Join our free newsletter for daily crypto updates!