Ripple Chief Legal Officer: Court rules SEC's revocation of proxy advisory firm rules violates procedural law
Ripple's Chief Legal Officer Stuart Alderoty stated on Twitter that the court has once again ruled against the SEC, this time for illegally revoking the rules of a proxy advisory firm without following the Administrative Procedure Act. The court noted that SEC Chairman Gary Gensler personally instructed this illegal action. The case is known as "National Association of Manufacturers v. SEC". The case claims that the SEC's 2020 rule never went into effect and was revoked in November 2021. The revocation process began shortly after Gary Gensler became the new SEC chairman. In June 2021, Chairman Gensler instructed his team to reconsider the 2020 rule and suspended its enforcement during this period. For more information, please refer to the SEC's official statement.
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