Wall Street’s top regulator is dropping its defense of an embattled Biden-era rule requiring public companies to disclose the risks posed to their operations from climate change.

In a letter filed Thursday with the 8th U.S. Circuit Court of Appeals, the Securities and Exchange Commission said it “wishes to withdraw its defense” of the rule.

The letter from SEC attorney Tracey Hardin comes as the commission’s acting chair, Republican Mark Uyeda, said last month that a majority of the current commissioners had voted against the rule, which he called “deeply flawed.” He had also directed SEC staff to ask the court not to schedule oral arguments in the case.

The SEC had voluntarily paused the rule last April, citing a slew of litigation. The Trump administration was expected to jettison the regulation.

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