According to Odaily, the US Supreme Court has overturned the Chevron Deference, a significant administrative law in the country. The Chevron Deference grants federal agencies the power to interpret ambiguous laws. With its overturning, the US Securities and Exchange Commission (SEC) and other federal agencies may no longer possess the ability to formulate rules.

The Chevron Deference has been a cornerstone of US administrative law, providing federal agencies with the authority to make decisions when laws are unclear. This decision by the Supreme Court could have far-reaching implications for the functioning of federal agencies, including the SEC.