Ripple v. SEC: Chief Legal Officer Roasts SEC's Actions nder Gensler

1 month ago

San Francisco, California, United States U Full time
Ripple v. SEC: Chief Legal Officer Roasts SEC's Actions Under Gensler

Ripple's Stuart Alderoty raises concerns about SEC decisions under Gensler as court overturns SEC stock-buyback rule

In a significant setback for the SEC, the Fifth Circuit Court of Appeals struck down the agency's stock-buyback rule on Tuesday, reportsWSJ .

Ripple's Chief Legal Officer Stuart Alderoty promptly criticized the SEC's actions, pointing out what he saw as arbitrary decision-making. Alderoty's comments reflect a growing concern within the industry about the SEC's recent rulings.

Another day and another Court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler?

— Stuart Alderoty (@s_alderoty)

The invalidated rule, implemented bythe SEC in May, aimed to compel public companies to disclose their daily share of repurchases and provide explanations for their stock buybacks. Gensler's rationale behind the rule was to prevent companies from using buybacks to artificially inflate executive compensation, often linked to metrics like earnings per share.

However, reports from the Wall Street Journal suggested a different motivation: Gensler's desire to support securities litigation lawyers in suing companies over their buybacks.

His loss

The U.S. Chamber of Commerce challenged the rule, arguing that the SEC violated rules by failing to quantify its costs and benefits. The Fifth Circuit panel agreed with the chamber, criticizing the agency's inconsistent arguments.

The court highlighted the agency's conflicting stance, pointing out that the SEC simultaneously claimed that disclosing proprietary information would have modest costs while providing valuable information for investors. The court concluded that the commission cannot maintain such contradictory positions.

This ruling adds a new chapter to the ongoingRipple vs. SEC saga. As the case advances to the remedies stage, the court will determine appropriate actions concerning institutional sales by Ripple, deemed by the court as sales of securities.

Given the SEC's losing streak and the current chairman's growing discontent, the outcome of this case could have an irrevocable impact on securities regulation in the United States.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

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