SEC Changes Introductory Disclaimer – Likely In Response to Discovery Dispute

If you regularly read speeches given by SEC Commissioners and staff, you may have noticed a change in the standard opening.  For most of my career, the remarks always began with something to this effect:

“Before I begin, I must give the customary disclaimer that the views I express today are my own and do not necessarily reflect the views of my fellow commissioners or the staff.”

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But something has changed.  Chair Gensler gave the disclaimer this way on May 10, 2023 in remarks to the Municipal Securities Disclosure Conference:

“My views are my own as Chair of the SEC, and I am not speaking on behalf of my fellow Commissioners or the staff (emphasis added).”

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The changed language likely results from discovery disputes in SEC vs. Ripple Labs….

Source: SEC Changes Introductory Disclaimer – Likely In Response to Discovery Dispute