Ripple's Chief Legal Officer, Stuart Alderoty, publicly criticized SEC Chairman Gary Gensler for regulatory overreach following a recent court decision. The US Securities and Exchange Commission unlawfully rescinded a rule on proxy advisory firms, a move directed by Gensler without adhering to proper procedures. The court ruling, from the 5th US Circuit Court of Appeals, deemed the SEC's actions as arbitrary and capricious. These rules were established to ensure transparency in proxy voting advice, enhancing corporate governance. Gensler defended the rollback as promoting timeliness and independence in proxy voting advice, but the court's decision questions the SEC's justifications. Ripple and the crypto industry have faced similar regulatory challenges. Alderoty's criticism of Gensler continues, highlighting the legal implications of exceeding statutory authority. XRP's current trading value stands at $0.47244. Read more AI-generated news on: https://app.chaingpt.org/news