Ripple’s top lawyer: SEC faces another loss

Ripple's top lawyer: SEC faces another loss

In a recent setback for the U.S. Securities and Exchange Commission (SEC), the Fifth Circuit Court of Appeals put The SEC’s climate reporting regulations are temporarily on hold.


In a recent setback for the U.S. Securities and Exchange Commission (SEC), the Fifth Circuit Court of Appeals put The SEC’s climate reporting regulations are temporarily on hold.

This decision marks a notable pause in the SEC’s efforts to require companies to disclose their greenhouse gas emissions and other climate-related information, Bloomberg reports.

Stuart Alderoty, Ripple’s chief legal officer, pointed to this event as yet another loss for the SEC.

The pause comes as a result of a request from Liberty Energy, which argued the new rules would cause irreparable harm due to compliance costs and constitutional issues.

Despite the SEC’s rebuttal that Liberty’s concerns were speculative, the Fifth Circuit issued a two-page order without detailed explanation, preventing the regulations from taking effect pending further court decisions.

Regulatory hurdles and legal challenges

The suspension of the SEC’s climate disclosure rules represents a critical juncture in the broader litigation landscape related to the agency’s regulatory reach.

The rules, which were initially established to enforce transparency regarding environmental impacts, have sparked a complex legal battle involving multiple stakeholders.

Liberty Energy’s suspension request, citing potential irreparable harm, shows a growing tension between regulatory ambitions and industry concerns.

The legal path forward remains uncertain, with a lottery expected to consolidate several challenges into a single court case.

SEC Setbacks Pattern

Alderoty’s comment on the SEC’s recent losses extends beyond this latest court decision. Over the past month, Alderoty has criticized the SEC’s legal strategies and its broader approach to regulation.

He pointed to cases where the SEC appeared to act in bad faith, such as relying on a default judgment in court, a scenario in which the other party failed to appear, leading to an outright victory.

Alderoty compared this to declaring himself champion after a shadow boxing match in which the opponent does not appear.

Additionally, he echoed concerns raised by others about the SEC’s perceived overreach and the importance of courts as a check on regulatory power.

Their criticisms align with a broader debate about the balance between regulatory oversight and the autonomy of entities subject to such regulation.

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