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Amicus Briefs

To ensure that the interests and concerns of investors and entrepreneurs are well represented when law is being made, ICAN produces a steady stream of amicus briefs intended to draw official attention among the country’s judiciary to the serious challenges facing investors and entrepreneurs in accessing capital markets.

To date, the organization has filed over 25 amicus briefs.

Corpus Christi Firefighters' Retirement System v Macellum Capital, No. 24-AP-000269 (Ohio Ct. App., September 13, 2024): opposing misuse of greenmail statute to punish non-manipulative, unharmful activist shareholder conduct.

Davidson v Gensler, No. 6:24-cv-00197 (W.D. Tx, August 22, 2024): Supporting challenge to the legality of the SEC's Consolidated Audit Trail database as improperly intrusive, susceptible to hacks and leaks, not statutorily authorized, and unconstitutional.

Lejilex v SEC, No. 4:24-cv-00168 (N.D. Tx, July 10, 2024):
Supporting litigation to establish limits to SEC jurisdiction over digital assets.

Custodia Bank v Federal Reserve Board of Governors, No. 24-8024 (10th Circuit, July 2, 2024):
Opposing misinterpretation of statutory provision as recognizing or bolstering the discretion to reject master account applications from statutorily eligible depository institutions.

Powell v SEC, No. 24-1899 (9th Circuit, June 24, 2024):
Supporting First Amendment challenge to SEC policy restricting speech of settling defendants.

TAEP v SEC, No. 24-1626 (8th Circuit, June 24, 2024):
Challenging SEC's statutory authority to issue rule requiring prescriptive disclosures by public companies.

SEC v Schueler, No. 23-cv-05749 (E.D.N.Y., April 15, 2024):
Challenging First Amendment violations caused by SEC naming as defendants a blockchain token, a protocol deployed on a blockchain network, and a blockchain network.

Nat'l Assn of Private Fund Managers v SEC, No. 23-60626 (5th Circuit, March 12, 2024):
Supporting challenge to SEC rules regarding disclosure of short sale information that would distort market price discovery and risk misleading market participants.

SEC v Payward, Inc. (Kraken), No. 23-cv-06003 (N.D. Cal., February 28, 2024):
Supporting motion to dismiss complaint that would extend SEC jurisdiction over digital asset trading platforms based on a novel theory that "investment contract" securities do not require contracts.

American Securities Association v SEC, No. 23-13396 (11th Circuit, February 15, 2024):
Supporting challenge to the legality of the SEC's Consolidated Audit Trail database as improperly intrusive, susceptible to hacks and leaks, not statutorily authorized, and unconstitutional.

Bartlett v Baasiri, No. 23-568 (U.S., December 28, 2023):
Supporting maximizing investor access to US courts to discourage foreign governments from nationalization and privatization gamesmanship

National Ass'n of Private Fund Managers v. SEC, 23-60471 (5th Circuit, November 8, 2023):
Supporting private fund investors' freedom to choose contractual provisions they prefer and opposing SEC private fund adviser rules to the contrary

SEC v. Panuwat, 21-cv-06322 (N.D. Cal., October 27, 2023):
Informing the court of the unintended consequences of the SEC's novel "shadow insider trading" theory that would allow companies to keep their competitors' stock prices artificially low

SEC v. Jarkesy, No. 22-859 (U.S., October 18, 2023):
Ensuring the right to juries as fact-finders in SEC enforcement proceedings

SEC v Binance, 23-cv-10599 (D.D.C., September 28, 2023):
Challenging the SEC's attempt to restrict investors' access to digital asset trading platforms located outside the United States

SEC v Cutter Financial, 23-cv-10589 (D. Mass, August 21, 2023):
Pushing back on the SEC's attempt to expand its jurisdiction over insurance products sold by licensed insurance agents

Murphy v SEC, 22-1241 (U.S., July 27, 2023):
Supporting Supreme Court review of decision expanding definition of "broker," restricting investor options for transaction intermediaries

Chamber of Commerce v SEC, 23-60255 (5th Cir., July 17, 2023):
Supporting challenge to SEC rule that adds expense and compliance burdens to companies giving investors the option to sell back their shares and use the proceeds as the investors choose

SEC v Keener, 22-14237 (11th Cir., June 7, 2023):
Opposing SEC's attempt to expand the definition of securities "dealer"

SEC v Grybniak, 20-cv-00327 (E.D.N.Y., May 19, 2023):
Opposing SEC's attempt to narrow scope of Reg D and Reg S registration exemptions

In re Coinbase, No. 23-1779 (3rd Cir., May 10, 2023):
Supporting petition for writ of mandate requiring SEC to respond to rule-making request 

SEC v Wahi, 22-cv-01009 (W.D. WA, February 13, 2023):
Supporting dismissal of complaint creating secondary market uncertainty for digital asset investors 

SEC v Spartan Securities Group, No. 22-13189 (11th Cir., January 24, 2023):
Opposing excessive monetary remedies as chilling market activity that causes no investor harm 

SEC v LBRY, Inc., No. 21- 00260 (D.N.H., December 15, 2022):
Protecting investors' rights to transact digital assets in secondary market  

SEC v Gounaud, No. 21-5578 (9th Cir., November 28, 2022):
Challenging expansion of broker registration requirements that could impact investment clubs 

Grayscale Investments v SEC, No. 22-1142 (USCADC, October 18, 2022):
Challenging SEC's ability to engage in merits-based limitations on investor choices 

SEC v. Ripple, No. 20-10832 (SDNY, October 18, 2022):
Challenging SEC's ability to restrict investor access to digital assets without statutory authority 

SEC v. Cochran, No. 21-1239 (U.S., July 7, 2022):
Ensuring access to federal courts for constitutional challenges to SEC administrative proceedings

Romeril v. SEC, No. 21-1284 (U.S., May 23, 2022):
Standing up for investor access to information about SEC settlements

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