GM friends,
The price of bitcoin might be chopping, but there’s a lot happening in crypto and some potentially bullish developments.
In the US, the industry has had to contend with hostile regulators, but it looks like a recent Supreme Court ruling may have put in place very favorable conditions for crypto and other tech-related sectors, so let’s break down what happened and why it matters.
Here’s what’s in today’s issue:
- Sam shares his thoughts on the Supreme Court overruling the Chevron Doctrine, the SEC suing Consensys, more Solana ETF applications, another round of S-1 filings for ETH ETFs & Coinbase expanding their altcoin futures trading.
- Week 20 update on the 10x portfolio.
- This week on chain.
- This week’s trending coins by Rebecca.
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Supreme Court Overrules Chevron Doctrine: A Win for Crypto?
It may feel like you need a US law degree and a deep knowledge of the American bureaucratic state to figure out crypto right now, but don’t worry, the widespread interpretation of a recent US Supreme Court ruling is that it’s probably a win for crypto, so file this one under good news.
It comes down to the Supreme Court overruling a 1984 decision called the Chevron Doctrine, which was made in a case between Chevron USA and the Natural Resources Defense Council.
For a detailed breakdown of the politics and history around this matter, check out this thread by Paradigm policy director Justin Slaughter, but in short what you need to know is that the Chevron Doctrine put power in the hands of regulatory agencies (such as the SEC), to whom the courts would defer in their interpretations of the law, but that dynamic has now been reversed.
The idea had been that agencies are experts in their fields and can best interpret ambiguous statutes as they apply to new situations, and you can probably see how this relates to crypto in 2024, as the SEC has been ruling by enforcement and interpreting existing law in whichever way makes it easiest to go after the crypto industry, allowing the agency to function almost as an unaccountable policy maker.
However, with authority now being shifted back over to the courts–who interpret the intentions of Congress–it seems as though the SEC may no longer have the capacity to act this way.
According to Haun Ventures founder Kathryn Haun, the Chevron Doctrine being overruled is, “the most significant court case for technology policy in the US in years. The impact, especially on frontier tech industries like AI, biotech, crypto, clean energy, and beyond, can’t be overstated.”
And congressman Tom Emmer spoke directly about the implications for the…
