Dual class stock capital structures have long been controversial. See my article The Short Life and Resurrection of Sec Rule 19c-4. Washington University Law Quarterly, Vol. 69, Pp. 565-634, 1991. Available at SSRN: https://ssrn.com/abstract=315375.
In my Business Associations class yesterday, we were talking about dual class stock and I mentioned that the Council of Institutional Investors wants dual class stock structure to come with a sunset provision. CII is starting to have some success in pressuring issuers going public to include such sunset provisions:
This strikes me as an appropriate market-based response to the issues raised by dual class stock, obviating the need for SEC rules or stock exchange listing standards.