MEXCRipple CLO Spotlights SEC’s Setback In Proxy Advisory Firms Rule
Highlights
- Stuart Alderoty spotlights SEC's loss in the National Association of Manufacturers vs. the SEC saga.
- He draws attention particularly towards Gensler joining the SEC and the cancellation of the 2020 rule before it was implemented.
- SEC's failures glimmer hope for the XRP lawsuit as well.
Ripple CLO Stuart Alderoty has recently taken to X, spotlighting the SEC’s loss in another legal battle. In his post, dated June 27, the CLO draws attention to the SEC’s unlawful rescinding of a rule on proxy advisory firms, cracking down on the regulatory body’s failure to adhere to the Administrative Procedure Act. This chronicle comes in the backdrop of the legal tussle between the National Association of Manufacturers and the SEC. Let’s take a closer look at the saga.
Alderoty Slams SEC?
According to Alderoty’s post on X, the SEC never implemented the 2020 rule. The 2020 rule refers to the changes proposed by the SEC (Securities and Exchange Commission) for the regulation of proxy voting advice. This rule was set for proxy advisory firms to comply with notice-and-awareness conditions before providing voting advice to shareholders or investors.
However, the rule never came into effect, as the then-appointed Chair of the SEC, Gary Gensler, called for a review of the rule. Notably, in June 2021, Gensler directed the regulatory body to temporarily suspend the enforcement of the rule. This was followed by the recession in November 2021 that urged the SEC to completely elude it. These chronicles, collectively, ensured that the 2020 Rule was never put into action.
Regarding this, the Ripple CLO appears to be dismayed with the SEC’s handling of the nation’s crucial matters. Not to forget, the Ripple XRP vs the U.S. SEC lawsuit has its own chitchat in the crypto realm.
The regulatory body’s failures in other legal battles glimmer hope for Ripple’s ongoing lawsuit.
Also Read: XRP Price To Hit $2, Analyst Predicts Amid Massive Whale Movements
What’s Going On With The Ripple Community?
Meanwhile, Ripple appears to have sent tongues wagging across the broader crypto market with its recent endeavors. The firm’s president, Monica Long, talked about the Ripple Vs. SEC lawsuit, payments, RLUSD stablecoin, and potential XRP ETF launch, garnering noteworthy attention across the industry.
However, the Ripple-backed token, XRP, continued to trade sluggishly at $0.4719 today.
Also Read: Gulf Energy Taps Into AI With $271M For Data Centers After Binance TH
- Here’s Why Zcash (ZEC) Price Tanked 10% Today Following 500% Rally
- Litecoin Price Jumps, What’s Behind the Sudden Rally? (28 oct)
- Metaplanet Stock Surges 10% on Share Repurchase, Capital Allocation Policy
- AI Meets Smart Routing: Screx Sets a new efficiency Benchmark in DeFi
- Bitwise Solana Staking ETF (BSOL), Canary Litecoin and HBAR ETFs to Launch Today
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Poised to Break $125k? If President Trump Announces Deal with China on October 30th
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
