On June 27, Ripple's chief legal officer, Stuart Alderoty, tweeted that the court had once again ruled against the SEC, this time because the SEC unlawfully revoked the rules for proxy consultants without following the Administrative Procedure Act. The court noted that SEC Chairperson Gary Gensler personally directed the illegal conduct. The case is "National Association of Manufacturers v. SEC".
The case alleges that the SEC 2020 rule never took effect and was rescinded in November 2021. The rescission process began shortly after new SEC Chairperson Gary Gensler took office. In June 2021, Chairperson Gensler directed his team to reconsider the 2020 rule and suspended its enforcement in the meantime. For details, see the official SEC statement.
Ripple's chief legal officer: Court rules SEC's revocation of proxy advisory firm rules violates procedural law
2024-06-27 10:39:46
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