U.S. Government Regulatory Costs Set For Significant Reduction

According to Odaily, Vivek Ramaswamy, a key figure in the U.S. Government Efficiency Department (DOGE), announced on X that federal regulatory expenses are poised for a substantial reduction. This shift is attributed to two pivotal judicial developments that have weakened federal regulatory authority. Ramaswamy highlighted the Supreme Court's rejection of the "Chevron Deference Doctrine," which previously allowed federal agencies to interpret ambiguous regulations, and the "Major Questions Doctrine," which mandates that agencies can only act with explicit legal authority. These decisions are considered transformative, paving the way for a significant contraction in the scope of federal regulation. Ramaswamy emphasized that this change is imminent. The court's rulings, finalized in 2024 and 2022 respectively, have curtailed the ability of federal agencies to interpret regulations. Analysts suggest that these changes are expected to impact numerous industries, including the cryptocurrency sector.