SEC Setback: Private Funds Rule Struck Down in Blow to Gensler Agenda

Also, Gruenberg balking at testifying before House Financial Services

After the first major legal fight over Chair Gary Gensler’s wide-ranging regulatory push, the scorecard now reads: Industry 1, SEC 0.

The unanimous decision from the U.S. Court of Appeals for the Fifth Circuit striking down a new disclosure regime for hedge funds, private equity and venture capital was immediately hailed by investment firms. And though i…