Amicus Briefs

Drawing on the experiences of ICAN clients facing massive disgorgement demands despite no fraud and no investor harm to urge the Supreme Court to impose meaningful limits on the SEC's power to seize funds where no victims have been identified.

Presenting the perspective of former SEC attorneys who argue that disgorgement untethered from investor harm is a civil penalty in disguise — one that triggers Seventh Amendment jury-trial rights and allows the SEC to bypass the statutory framework Congress built for gain-stripping without victims, complete with the guardrails the agency is now evading.

Curbing administrative overreach by ensuring that government transparency mandates are not reinterpreted as broad grants of unreviewable authority to bypass state regulatory frameworks

Urging Supreme Court to Deny SEC's Victimless Disgorgement

Arguing structural constitutional challenges to SEC adjudications belong in federal court

Advocating against retroactive application of Howey

Encouraging SEC to end "forever bars" against professionals

Pushing back against attempted expansion of SEC's regulatory power beyond what is expressly authorized by statute in "shadow insider trading."

Supporting claims for more transparent regulation of digital assets.

Opposing misuse of greenmail statute to punish non-manipulative, unharmful activist shareholder conduct.

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.

Supporting litigation to establish limits to SEC jurisdiction over digital assets.

Opposing misinterpretation of statutory provision as recognizing or bolstering the discretion to reject master account applications from statutorily eligible depository institutions.

Supporting First Amendment challenge to SEC policy restricting speech of settling defendants.

Challenging SEC's statutory authority to issue rule requiring prescriptive disclosures by public companies.

Challenging First Amendment violations caused by SEC naming as defendants a blockchain token, a protocol deployed on a blockchain network, and a blockchain network.

Supporting challenge to SEC rules regarding disclosure of short sale information that would distort market price discovery and risk misleading market participants.

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.

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.

Supporting maximizing investor access to US courts to discourage foreign governments from nationalization and privatization gamesmanship.

Supporting private fund investors' freedom to choose contractual provisions they prefer and opposing SEC private fund adviser rules to the contrary.

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.

Ensuring the right to juries as fact-finders in SEC enforcement proceedings. Brief of Phillip Goldstein, Nelson Obus, Mark Cuban, Elon Musk, Manouch Moshayedi, and Investor Choice Advocates Network as Amici Curiae in Support of Respondents.

Challenging the SEC's attempt to restrict investors' access to digital asset trading platforms located outside the United States.

Pushing back on the SEC's attempt to expand its jurisdiction over insurance products sold by licensed insurance agents.

Supporting Supreme Court review of decision expanding definition of "broker," restricting investor options for transaction intermediaries.

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.

Opposing SEC's attempt to expand the definition of securities "dealer"

Opposing SEC's attempt to narrow scope of Reg D and Reg S registration exemptions.

Supporting petition for writ of mandate requiring SEC to respond to rule-making request.

Supporting dismissal of complaint creating secondary market uncertainty for digital asset investors.

Opposing excessive monetary remedies as chilling market activity that causes no investor harm.

Protecting investors' rights to transact digital assets in secondary market.

Challenging expansion of broker registration requirements that could impact investment clubs.

Challenging SEC's ability to engage in merits-based limitations on investor choices.

Challenging SEC's ability to restrict investor access to digital assets without statutory authority.

Ensuring access to federal courts for constitutional challenges to SEC administrative proceedings. Brief of Phillip Goldstein, Mark Cuban, Nelson Obus, and Investor Choice Advocates Network as Amici Curiae in Support of Respondent.

Standing up for investor access to information about SEC settlements. Brief of Mark Cuban, Phillip Goldstein, Elon Musk, Nelson Obus, and Investor Choice Advocates Network as Amici Curiae in Support of Petitioner.