James Lundy on Loper Bright's Crypto Impact – 'Historically, this is not a gamechanger'

Foley & Lardner LLP partner James Lundy offered insight on the potential impact of the U.S. Supreme Court’s ruling in Loper Bright v. Raimondo for the digital assets industry in the Cointelegraph article, “Supreme Court ruling ‘changes the game’ for US crypto firms.”

“This ruling has impacts all across the administrative state, not just technology, but also finance, health care, the environment, etc.,” Lundy explained, adding that the court took the appropriate action with its ruling because “the Chevron deference had started to stretch too far for certain agencies.”

Lundy emphasized that while the ruling does not do away with the rulemaking capabilities and oversight of regulatory agencies, it does remove the Chevron deference to these agencies when the rulemaking is “ambiguous.” Highlighting the lack of historical rulemaking for the crypto and blockchain industry, Lundy said, “this is not a ‘game changer,” though he specified that “policymakers at the SEC and CFTC will want to be mindful of this Supreme Court decision when crafting proposed rules” for the industry.

“This new ruling will be studied by the defense bar for new and creative ways to challenge SEC and CFTC rulemakings for the cryptocurrency and blockchain industries,” he added.