Oct. 14, 2023
S7–04–23 The SEC's actions in this case have overstepped their statutory boundaries by seeking to regulate cryptocurrencies as securities without a clear basis in law. By doing so, they are effectively creating new rules and enforcing them retroactively, which undermines the principles of fair notice and due process. This approach not only harms individuals and businesses but also threatens the broader stability of our financial system by introducing uncertainty and stifling innovation. The 'Major Questions' doctrine holds that administrative agencies like the SEC cannot regulate on issues of vast economic or political significance without clear congressional authorization. This doctrine is based on the idea that such significant decisions should be made by elected representatives, not unelected bureaucrats. The Supreme Court has applied this doctrine in various cases to rein in agency overreach, including FDA v. Brown & Williamson Tobacco Corp. (2000) and Utility Air Regulatory Group v. EPA (2014). It is crucial that the SEC adhere to its statutory authority, provide clear guidelines, and enforce securities laws consistently to protect investors and foster a healthy and vibrant economy