TechFlow news — Ripple's Chief Legal Officer, Stuart Alderoty, stated on Twitter that the court has again ruled against the SEC, this time due to the SEC unlawfully repealing a rule for proxy advisory firms without following the Administrative Procedure Act. The court noted that SEC Chair Gary Gensler personally directed this unlawful action. The case is "National Association of Manufacturers v. SEC."
The case states that the U.S. Securities and Exchange Commission’s (SEC) 2020 rule never took effect and was rescinded in November 2021. The repeal process began shortly after new SEC Chair Gary Gensler took office. In June 2021, Chair Gensler instructed his team to reconsider the 2020 rule and suspended its implementation during that period. For details, refer to the SEC's official statement.
