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- US Supreme Court may limit regulatory powers of SEC and CFTC over the crypto market.
- Crypto CEOs seek judicial action to find relief from regulatory scrutiny.
US Supreme Court Considers Removing Regulatory Agencies’ Powers Over Crypto Market
The US Supreme Court’s potential decision to revoke a legal doctrine that grants regulatory agencies the ability to determine their regulatory purview could limit the power of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the crypto market. CEOs of various crypto companies have stated that only judicial action can relieve the regulatory scrutiny they face. The two agencies have already initiated numerous enforcement actions against crypto businesses since January 2023, with some settlements including top crypto exchange Kraken.
Impact of the Ripple (XRP) vs. SEC Lawsuit on the Crypto Market
The US SEC has taken a “come forward and register” stance regarding the crypto market, stating that existing securities laws apply to the industry, a viewpoint that is not shared by many in the industry. On the other hand, the XRP lawsuit may be impacted by any potential decisions made regarding the powers of the regulatory agencies. Attorney John Deaton, who is representing over 70,000 XRP token holders in the SEC lawsuit, believes the Supreme Court’s consideration of reversing the Chevron vs. Natural Resources Defense Council ruling could be a significant event for the crypto market.
This could be HUGE! https://t.co/TifCEv2WRh
— John E Deaton (@JohnEDeaton1) May 1, 2023