The SEC’s stay was issued under Rule 431(e), which allows the Commission to review actions approved by delegated authority before they take effect

Quotes that support claims

In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise," the SEC said in the letter.

This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action," the letter, addressed to the New York Stock Exchange, said. "In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise.