BILLINGS, Mont., Jan. 18, 2024 — Yesterday, the Securities and Exchange Commission’s (SEC) Division of Trading and Markets issued a statement that the New York Stock Exchange (NYSE) had abruptly withdrawn a proposed rule change to allow the NYSE’s listing of Natural Asset Companies (NACs).
On October 4, 2023, the proposed rule change was published in the Federal Register. The proposal would have allowed the buying and selling of undefined “rights” to certain private and public lands, including to foreign nations and noncitizens. Lands enrolled in an NAC would have been controlled by private and public investors and would be prohibited from engaging in “unsustainable activities,” which would have included grazing and agricultural purposes.
The withdrawal was made just a day before the SEC’s public comment period on the issue ended. R-CALF USA submitted comments opposing the proposal alongside a mass opposition of nearly 2,000 comments from across the country, including from 25 state attorneys general, citing the potential threats to property rights, the prosperity of rural America, and national security.
“R-CALF USA is the only agricultural group that followed the evidence and stood for the property rights of the American rancher to keep them solvent and preserve their ability to keep America fed,” said R-CALF USA President Brett Kenzy.
“The New York Stock Exchange’s decision to withdraw their proposal is a win for ranchers, farmers, and rural America, and is proof that the voice of America is still heard loudly above overreaching, unelected rule makers,” said R-CALF USA Region V Director and Property Rights Chair Shad Sullivan. “The foundation of our republic rests upon the shoulders of property rights and this win demonstrates that the American people are still willing to fight for liberty.”