Ripple's Chief Legal Officer, Stuart Alderoty, has recently taken to social media to highlight the U.S. Securities and Exchange Commission's (SEC) setback in another legal battle. Alderoty's post draws attention to the SEC's failure to properly implement a rule regarding proxy advisory firms, showcasing the regulatory body's inability to adhere to the Administrative Procedure Act.

According to Alderoty's account, the SEC proposed changes to the regulation of proxy voting advice in 2020, but the rule never came into effect. This was due to the intervention of the newly appointed SEC Chair, Gary Gensler, who called for a review of the rule shortly after taking office. Ultimately, the SEC ended up rescinding the 2020 rule altogether, without ever implementing it.

Alderoty's criticism of the SEC's handling of this matter comes against the backdrop of the ongoing legal battle between Ripple and the SEC over the status of the XRP cryptocurrency. The Ripple CLO's highlighting of the SEC's failures in other legal battles seems to suggest that this could bode well for Ripple's case, as it underscores the regulatory body's apparent struggles to navigate the legal landscape effectively.

Meanwhile, the Ripple community has been abuzz with recent developments, including the company's president, Monica Long, discussing the ongoing lawsuit, payments, the RLUSD stablecoin, and the potential launch of an XRP exchange-traded fund (ETF). However, the XRP token itself has continued to trade sluggishly, currently priced at around $0.47.

The paraphrased article emphasizes the Ripple CLO's efforts to draw attention to the SEC's missteps in other legal battles, which could potentially have implications for the ongoing Ripple vs. SEC lawsuit. The article also touches on the broader Ripple community's activities and the current state of the XRP token.