1, March, 2024
HomeBusinessSupreme Court Denies Plea for Cryptocurrency Regulation Guidelines, Highlights Legislative Nature

Supreme Court Denies Plea for Cryptocurrency Regulation Guidelines, Highlights Legislative Nature

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In a recent development, the Supreme Court has declined to entertain a petition requesting the issuance of guidelines for the regulation of trading and mining of cryptocurrencies.

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The bench, led by Chief Justice DY Chandrachud, emphasized that the main reliefs sought in the plea were of a legislative nature, making it beyond the purview of Article 32 of the Constitution.

1. Legislative Direction vs. Constitutional Remedies

The petitioner’s plea, seeking a direction to the Centre and others for framing guidelines on cryptocurrency activities, was deemed more aligned with legislative matters.

The bench, including Justices JB Pardiwala and Manoj Misra, pointed out that the true purpose behind the petition appeared to be seeking bail in ongoing legal proceedings against the petitioner.

2. Constitutional Rights and Legal Proceedings

Article 32 of the Constitution, dealing with the right to constitutional remedies, allows citizens to approach the apex court for the enforcement of their rights.

However, the bench clarified that the relief sought in this particular case, including directions for the prosecution of cases involving digital assets/cryptocurrencies, veered into legislative territory.

3. Court’s Decision and Future Course of Action

In its order dated November 10, the Supreme Court stated, “The petitioner would be at liberty to move the appropriate court for the grant of regular bail.

Insofar as the main reliefs are concerned, they are more in the nature of a legislative direction which the court cannot issue under Article 32 of the Constitution.” The court concluded by disposing of the petition, granting the petitioner the liberty to pursue remedies within the legal framework.

This decision by the Supreme Court underscores the distinction between constitutional remedies and matters of legislative direction. As the cryptocurrency landscape continues to evolve, legal proceedings and regulatory considerations remain pivotal aspects of the discussion.

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Stay tuned for further developments in the intersection of legal proceedings, constitutional rights, and the regulation of cryptocurrencies.

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