Ripple Could Benefit From New Supreme Court Makeup In XRP Lawsuit• July 5, 2022 3:12 pm • Comments
The XRP lawsuit that the SEC initiated against Ripple is still going on despite the fact that it was started over a year ago due to the delay tactics of the SEC.
However, a recent turn of developments relating the the Supreme Court may continue to help support Ripple’s defense against the SEC.
James K. Filan wrote that the country needs to start thinking bigger about how to regulate crypto and that the “Major Questions Doctrine” indicates that questions of vast economic and political significance should not be left up to agency interpretations.
In other words, it makes little sense that a single agency should get the power to decide the result of a debate that could drastically alter the future path of the entire nation.
— RIZ☀️💦 (@Riz_Xrp) July 5, 2022
“The major questions doctrine holds that courts generally should not defer to agency statutory interpretations that concern questions of “vast economic or political significance.” Why should just one agency get to decide questions of “vast economic or political significance?”, he continued.
“With the rapid evolution of crypto, why should one agency, wether SEC, FINCEN or DOJ get to set the rules instead of having specific Congressional guidance? Especially when they come to different conclusions.
We can’t look at individual cases without more specific guidance. Crypto, like Ripple, is treated differently depending on the country. Yet how this case is decided is of worldwide economic and political importance. We can’t have one-off decisions. We need guidance if the U.S. is going to compete in this space.”
The question now is if crypto will be deemed as a question of vast economic or political significance to fit the “major questions doctrine” argument.
Therefore, if this Major Questions Doctrine is to be upheld by the Supreme Court in the future, the new question that needs to be answered is whether or not crypto will have vast economic and political significance which will be able to make it fall under the Major Questions Doctrine.
Based on recent events, the community does seem to believe that the answer to that question is “Yes” as we are already seeing widespread global adoption that may alter the financial systems of many countries very soon.
Whether or not this new doctrine will be brought up within the XRP lawsuit is still unknown at this time, but it most definitely has significant relevance.
After all, the result of the XRP lawsuit will not only affect how XRP is treated, but also the majority of crypto tokens within the industry.
The Supreme Court is considering taking up the XRP vs SEC case. They just demolished the EPA and the fact that this case has been bullshit from the start… XRP holders, we're about to benefit in a HUGE way. Its been a long journey that is about to pay off.
— Official Source Troy🇺🇸🙏 (@TroyE23) July 4, 2022
On Thursday, as the Supreme Court struck a blow to the EPA’s authority, legislators in New York denied a renewal application for a Title V air permit from Greenidge Generation, LLC, a gas-fired power plant that uses energy to mine Bitcoin in Yates County, New York.
Basil Seggos, Commissioner of the New York State Department of Environmental Conservation (DEC) announced the agency’s decision in a tweet, stating that “burning fossil fuels to power crypto mining tripled facility emissions.”
If the Supreme Court was able to strike a blow to the EPA’s authority, the same should also be true for the case of the SEC.
Supreme Court’s Restrictions on EPA Oversight Could Impact Bitcoin Mining.
— Kyrill Krystallis (@mrkrystallis) July 1, 2022
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