In a recent decision, the Supreme Court overturned the long-standing Chevron deference precedent, a move hailed by crypto leaders as a victory. However, this ruling has far-reaching consequences that harm American consumers, contradicting the industry's touted values of financial inclusion.

The Chevron doctrine, established in 1984, states that courts should defer to regulators' understanding of ambiguous laws, acknowledging their expertise in their respective fields. The Supreme Court's decision to overturn this doctrine erodes regulators' power to interpret laws, effectively handing corporations a significant victory.

While the crypto industry sees this ruling as a means to challenge the Securities and Exchange Commission (SEC), the implications extend far beyond their interests. For three decades, Chevron has protected Americans from corporate greed, ensuring workplace safety, environmental protections, food safety practices, and more. Its overturning will have devastating consequences for consumers.

The Supreme Court's decision is not surprising, given its conservative majority and history of favoring corporate interests. The fact that the legal teams for the herring fishing fleets, the apparent underdogs in the case, were funded by billionaire Charles Koch, highlights the court's allegiance to corporate cronies.

Libertarians argue that the Chevron doctrine's overturning will prevent out-of-control agencies from regulating at will. However, this decision will lead to prolonged court cases, granting unelected judges legislative power and corporations the ability to shop for biased judges. Non-expert judges will now rule on issues they are not knowledgeable about, further solidifying the corporate grip on the judicial system.

The crypto industry's celebration of this ruling reveals its true allegiance to the establishment, rather than the retail investors it claims to empower. As the industry's influence grows, it is essential to recognize that its interests may not align with those of the consumers it purports to serve. The Supreme Court's decision harms ordinary Americans, and the crypto industry's support for it is a shortsighted and misguided celebration.