The Times article on Emily Bridges part 2:

It was considered a short-term issue, one that the UCI would soon process, but senior figures in the sport believe the organisation has it within its power to continue excluding Bridges under regulations updated in 2020.

While British Cycling rules demand only that a transgender cyclist falls below a set testosterone threshold for a period of 12 months — indeed Bridges has been registered for the women’s events by the national governing body for the Nations Cup in Glasgow later this month — the UCI rules go further by referencing the need to “preserve the safety, fairness and integrity of the sport, for the benefit of all of its participants and stakeholders” within specific eligibility regulations for transgender athletes.

In other words the UCI rules actually take women into account.

The regulations cite the need to “protect the health and safety of participants” and “guarantee fair and meaningful competition that displays and rewards the fundamental values and meaning of the sport”. They add that the UCI wants “its athletes to be incentivised to make the huge commitments required to excel in the sport”, and “does not want to risk discouraging those aspirations by permitting competition that is not fair and meaningful”.

Which, of course, letting male-bodied people compete against women would do.

Perhaps most crucially, the regulations identify “the significant advantages in size, strength and power enjoyed (on average) by men over women from puberty onwards, due in large part to much higher levels of androgenic hormones, and the impact that such advantages can have on sporting performance, it is necessary to have separate competition categories for males and females”.

The regulations are open to interpretation, of course, and may well be challenged by transgender athletes.

Yes, and it’s “open to interpretation” whether men have physical advantages over women or not.