The move comes after SEC acting chair Mark Uyeda indicated last month that the regulator would be rolling back on its policy and yesterday (28 March), the SEC sent a letter to the US courts stating that the Commission withdraws its defence of the rules.
The letter also noted that the Commission counsel are no longer authorised to advance the arguments in the brief the regulator had filed.
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In a statement Uyeda said, “the goal of today’s Commission action and notification to the court is to cease the Commission’s involvement in t…
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