Ripple CLO Slams SEC’s ‘Illegal Move’ Directed By Gensler After Court Loss
Summary
Ripple's CLO criticized SEC Chairman Gensler for unlawfully rescinding a rule on proxy advisory firms, as highlighted in a court decision. The ruling found the SEC's process for rescinding the rules as "arbitrary and capricious and therefore unlawful." Gensler defended the rollback, but the court's decision cast doubts on the SEC's handling of the rule change. The SEC is reviewing the decision, and Ripple's CLO slammed Gensler for exceeding his statutory authority. The court's decision is seen as another case of regulatory overreach by the SEC under Chairman Gensler being overturned. XRP traded at $0.47244 at press time.
