Emmer says Chevron ruling may not impact crypto regulation

United States Representative Tom Emmer believes that the Supreme Court’s decision to overturn the Chevron deference will not have a significant impact on crypto regulation unless Congress acts to limit the authority of federal agencies.

Speaking at the Permissionless conference on October 9, Emmer emphasized the need for Congress to reclaim its authority over regulatory agencies.

According to Emmer, “I don’t think Chevron deference changes a whole lot.” 

He added, “We have authority now, but we’ve not shown the ability yet to take back the power of the purse and to hold these different agencies accountable.”

The Chevron doctrine, which previously required courts to defer to federal agency interpretations of ambiguous laws, was overturned in June, potentially affecting how agencies like the Securities and Exchange Commission (SEC) interpret regulations.

Emmer pointed out that the decision may not lead to meaningful changes for the crypto industry unless there is a shift in political power.

He stated that only a victory by Donald Trump in the 2024 presidential election and a Republican-controlled Congress could bring about significant regulatory changes.

“[Only then] you could maybe see for the first time in 30 years, a government that gets a budget and that actually enforces the budget and holds these agencies accountable,” Emmer said.

Emmer has been critical of the SEC’s approach to crypto regulation, particularly targeting SEC Chair Gary Gensler.

During a recent Congressional hearing, Emmer accused Gensler of creating the term “crypto asset security” to support his enforcement actions against the crypto industry, stating that Gensler’s inconsistencies have hindered the development of the sector.

Although there has been bipartisan support for crypto-related legislation, Emmer stressed that real change requires more institutional knowledge and accountability in Congress.