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we cover: • The Empty Victory Thesis: Why dropping the requirement to prove investor harm doesn't solve the SEC's requirement to actually return collected money to real victims. • The Treasury Logjam: A deep-dive look into the $5.2 billion vault of collected, but completely undistributed, regulatory penalties. • The Counterparty Conundrum: Why identifying a true "victim" breaks down completely in complex scenarios like insider trading and open-market manipulation. • The Pf

The SEC exists to protect investors. This protection should be the bedrock of our free and fair markets. That's the premise behind every rule the SEC writes and every case it brings. But a very different picture begins to emerge when you look closely at the actions of the regulatory agency and ask a simple question: Who does this protect? A series of recent Unchained Markets Substack posts do just that.

From submitting landmark amicus briefs at the Supreme Court to representing clients targeted by unprecedented enforcement theories, this retrospective proves why a public interest law firm like ICAN is vital for the health of America's capital markets.

The Justices clearly acknowledged the issue of victimless disgorgement—the very issue ICAN has been fighting since our founding. Sripetch simply did not give them the right case to rule on it. The right case will put that question squarely before the Justices. And we have the cases to do it—at different stages, but each the right kind of case for this moment.