As we approach the 4th of July holiday here in the United States I think it is fitting to reflect on the historic ruling from the Supreme Court last week on Chevron deference. I don't think the gravity of this ruling can be overstated. For the last four decades the administrative state has grown like a cancer eating at the core of the American economy as burdensome regulations have been thrust on entrepreneurs looking to bring goods and services to the markets.

These regulations, while claiming to bring safety and responsibility to markets, have brought with them egregious costs and barriers to entry that have erected regulatory moats that favor incumbents at the detriment of smaller players. They have arbitrarily decided winners and losers on behalf of the market instead of letting the market decide for itself. These regulations have led to a massive misallocation of capital that has resulted in an economy that is more fragile than it would have otherwise been if unelected bureaucrats weren't in the way to act as a nanny.

They gave federal agencies the power to institute the economic lockdowns, mask requirements, social distancing, and the concept of "essential workers" during the COVID hysteria of 2020-2022. They replaced the human spirit with a faceless borg made up of parasites who have never produced anything meaningful in their lives.

Companies, particularly bitcoin companies, have had to operate as if they are walking on egg shells due to the lack of "regulatory clarity" that is needed in a world in which federal agencies make the rules instead of Congress and the Senate.

Thanks to the ruling from the Supreme Court last week, the American economy has removed an anchor that has been holding it back for more than a generation. The balance of power, as the founders of this country designed, has been shifted back in the right direction. American business owners no longer have to live with the fear of a federal agency instituting arbitrary and prohibitive "laws" on a whim. Everything must be taken to the house floor now. Things need to be clearly defined and agreed upon before changes to laws are made. This is a beautiful thing and something that should give you hope for the future of the United States.

Despite the chaotic nature of the presidential election, the mental acuity of the sitting president, and the increasing stresses that Americans are facing in a world that has been destroyed by central planners, this ruling is a ray of light at the end of the tunnel.

As we discussed a couple of months ago in The Us Dollar Is Anti-American, the structure of the American government is what gives it its strength. The embedded gridlock between the three branches of government that the founding fathers designed when they wrote the Constitution is what protects the rights of individuals. It should be very hard to change and pass laws that affect the American individual. The government should be as small as possible and it should not impede the ability of any individual to pursue life, liberty and happiness.

The US Dollar Is Anti-America

Bitcoin is more American than the US dollar.

TFTC – Truth for the CommonerMarty Bent

With the overhang of the administrative state being completely wiped off the map last week the American economy is about to be unleashed and I could not be happier.

As it pertains to bitcoin, this ruling should make things easier for bitcoin miners to operate without fear of some arbitrary electricity sales tax or emissions dings. This is the first and most obvious effect that stands out to me. I'm not exactly sure how it will affect all of the KYC/AML compliance rules that are out there. Though, I hope it would make most of them toothless. Especially if they're not clearly defined in the Bank Secrecy Act (which should itself be abolished). But we'll see. I'm sure a lot more information will come to the surface in the coming months and years and we will be here to report on any developments as they materialize.

Final thought...

Long bare foot walks on the beach with 20 push up and body squat sets every ten blocks may be my workout of the Summer. Keep it simple, stupid.

Enjoy the 4th of July, wherever you freaks are.