2025 Annual Report

In our second year of full-time operation, ICAN accelerated on every front — adding five new cases, notching our fifth direct litigation win, and positioning at least two cases for U.S. Supreme Court consideration. We went on the offensive, filing a landmark lawsuit challenging the SEC's wealth-based accredited investor rule and taking on ruinous monetary judgments imposed on individuals who committed no fraud and harmed no investors.

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Our 2025 Annual Report tells the full story — from representing Ray Lucia, who is fighting a "forever bar" from his profession despite his Supreme Court victory against the SEC, to blocking the agency's "due process tax" against a relief defendant in SEC v. Padilla, to challenging the accredited investor rule on behalf of Emily Kapszukiewicz and Healthcare Shares. We published our SEC Action Plan for Reform with 17 key reforms, authored a Wall Street Journal opinion piece, launched Unchained Markets on Substack, and expanded our podcasts to Apple and Spotify. Our nationwide Legal Network grew to 20 firms, and the SEC itself cited an ICAN petition in an agency report on the accredited investor rule. 

 

ICAN is building a durable legal foundation — one that outlasts any single election cycle — to protect investor choice, expand market access, and rein in unchecked regulatory power.