On Friday, June 28, in a landmark ruling, the Supreme Court of the United States struck down the Chevron Deference, a 40 year old precedent ruling that was utilized by Courts in determining the powers of agencies of the US Government. The Supreme Court eliminated Chevron as part of its ruling in a case (Loper Bright Enterprises vs Rainmondo) involving the ability of an Agency, the Department of Commerce, to force herring fishermen in Maine to pay for government monitors. The ruling sent a shiver through Washington as it was seen as an attack on the Administrative State by a right-leaning anti-agency Supreme Court. In Episode 62 of Bid Out, J.W. Verrett, our go-to Administrative Law Expert from George Mason University, returns to the podcast alongside our own TD Cowen Washington Research Group Financial Services Policy Analyst Jaret Seiberg to discuss the implications of this decision on SEC rulemaking, including its equity market structure reforms expected to go final in the next couple months. This podcast was recorded on July 2, 2024. Chapter Headings: 1:14 – Down Goes Chevron 5:08 – What Rules are at Risk? 8:25 – Implications for Policymaking 12:14 – Why Equity Market Structure Rules Might be Protected? 18:35 – When Does Congressional Review Act Kick In? 26:24 – Does Gensler Leave with a Change in Administration? Guests: J.W. Verret JD, CPA/CFF, CFE, CVA, Associate Professor, Antonin Scalia Law School, George Mason University Jaret Seiberg, Managing Director, Washington Research Group, TD Cowen