cire^2

I know everyone is talking about the comedy show where two old guys argued about golf last night, but something actually important just happened for crypto (and the rule of law generally). Chevron being overturned by the Supreme Court is incredibly important. One of the most pernicious elements of the modern administrative state has been the propensity to either interpret laws to give maximum power to agencies (rather than to faithfully execute the law as Congress intended) and, more annoyingly than even that (which was already pretty annoying), interpreting the law differently each time a new administration came into power. This means two things have been consistently happening for years, starting really in the early 2000s and accelerating throughout: 1 - Agencies have tried to become judge, jury, and executioner, with nearly unlimited power over their territory because if they don't like you and you do something to anger them, they can go look through all their other statues and find something to expansively interpret to harm you. Similarly, by doing things like setting up their own internal courts (never authorized by statute and now also gone in Jarksey) they can ensure they get the result they want. Having to face independent judicial scrutiny for these actions is going to be a huge check on agency power. I agree with the critics who say this will make agencies far slower and less efficient at grinding people to dust, but I view this as a feature, not a bug. You don't get to discard the constitutional rights of Americans because it's efficient. 2 - Agencies will definitely have a much harder time totally changing their character with new administrations in place. While execution of their duties is still going to vary dramatically (though this may also start seeing change), the basic expectation of stability of law is likely to be restored. Case in point is overturning Chevron: the Supreme Court was accused of being too aggressive and not respecting stability of precedent because they overturned a decision 40 years after it was decided, during which we could see the impact. Contrast this to Federal agencies which are whipping back and forth wildly every 4 years with no real analysis of the impact of their actions. I expect this fact alone is a huge net positive for the country and will, ironically, greatly cool down some of the intensity around national politics because now the power granted to executive agencies has been greatly constrained. This brings me back around to crypto. This is exceptional for the industry: the SEC, CFTC, and banking regulators now have to play by the clean written rules, rather than torture laws until the meaning they want falls out. This is going to produce some unintended consequences and likely puts the onus back on Congress to do their job, but in the long run, I think this is a huge net positive for the space in terms of judicial and legal certainty. And given the actions of some regulators that very clearly crossed the line (Debt Box, OCP 2.0, etc.), much needed.

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