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Former SEC Attorneys Ask Supreme Court to End 50-Year "Gag Rule" as Justices Weigh SEC Disgorgement Power in Sripetch Amicus brief filed by ICAN in Powell v. SEC argues the agency charged with stamping out misleading omissions has itself operated "the most sweeping compelled-omission regime in federal regulatory practice."

In the past several days, ICAN was at the U.S. Supreme Court for oral arguments in SEC v. Sripetch. We saw one of our own clients' cases—J.D. Jordan's—dismissed on the eve of those arguments. We filed a new amicus brief in Powell v. SEC challenging the SEC's decades-old "Gag Rule." And we saw FINRA formally adopt the reforms to the Pattern Day Trader rule that ICAN had publicly pushed for, with our comment letter cited in the SEC's approval order.

What is this costing the rest of us? The SEC is a federal agency funded by American taxpayers, created to protect investors and maintain the integrity of our markets. Cases like these are not that. There are years of agency resources, attorney hours, and taxpayer dollars spent pursuing individuals for technical violations—without fraud, without victims—that erode the confidence in participating in our markets. When financial professionals become familiar with how the SEC

The SEC's Case Was Unconstitutional From the Start. Now It Wants a Federal Court to Enforce Its Order Anyway. ICAN and co-counsel Vartabedian Katz Hester Haynes file opposition challenging the SEC's attempt to enforce a constitutionally tainted order against a Texas retiree who harmed no one

Key topics include: the expansion of the Wells response period from two to four weeks; the new requirement that the division director personally approve every Wells notice issued nationwide; fresh written guidance explaining how meaningful cooperation — including remediation — can result in zero monetary penalties for entities; the reinstatement of the efficient practice of considering statutory "bad actor" waiver requests simultaneously with settlements.

It is worth noting that our Barry case, and our amicus brief, were cited by SCOTUSblog as presenting an even more compelling version of the issue at stake in Sripetch, one that could “amplify the court’s skepticism toward the expanding scope of disgorgement.”

The SEC’s AI Task Force: Insights into how the Chief AI Officer is wrangling complex data sets and the potential for an "SEC ChatGPT" to drive investigations. • "Investigative Slop": the risk of staff attorneys over-relying on AI to generate mass subpoenas, potentially leading to lower-quality, inefficient investigations. • The "Ingredients" Problem: Why AI is only as good as the data fed into it and the risks of marrying modern technology with antiquated financial systems.

Host Nick Morgan (ICAN) sits down with Sarah Concannon (Quinn Emanuel), Professor Kevin Douglas (Michigan State), and JW Verret (George Mason) to identify the "sleeper" cases that will define 2026. This episode provides a deep dive into the legal theories the SEC is using to expand its reach and the pushback coming from the courts.

pitfalls of well-intentioned government action, the unintended consequences of over-regulation, and the often-overlooked ways markets self-correct. From the collapse of Theranos and Madoff’s Ponzi scheme to the rise of Uber and the case for deregulating the legal profession, Cliff makes the case that markets are more dynamic, more accountable, and often better equipped to solve real-world problems than bureaucracy

David Slovick, partner at Kopecky Schumacher Rosenburg and former SEC and CFTC enforcement attorney, and Professor Phil Lieberman of Vanderbilt Law School dig into one of the most overlooked—but impactful—problems in securities enforcement: the arbitrariness of civil penalties.

But we are deeply concerned about what it means for cases where the SEC has gone even further—seeking the same punishment in cases with no fraud at all. This is why ICAN is fighting to bring forward the cases—and the people—that show how damaging this practice has become.

Peterson argues that crypto regulation doesn’t need to be lighter—it needs to be smarter. With trillions in market value at stake, growing institutional buy-in, and consumer usage climbing, the U.S. faces a choice: evolve its regulatory frameworks or risk ceding leadership in a defining 21st-century financial frontier.

ICAN Challenges FINRA Delays Again: Troubling Shadow Trading Ban Uncovered

Rather than accept those limits, the SEC has spent the past several years testing their boundaries, exploiting divisions among the courts, and deepening uncertainty for individuals and small businesses. ICAN’s long-term strategy—combining direct litigation, appeals, and targeted amicus advocacy—has now brought that unresolved conflict to the Court’s doorstep

In a surprising move, the SEC has asked the U.S. Supreme Court to review a Ninth Circuit ruling that upheld the agency’s use of disgorgement, even when no investors were harmed. The case, SEC v. Sripetch, highlights a growing split among federal appellate courts: Some circuits require proof of actual victim losses to justify disgorgement, while others — including the Ninth and First Circuits — do not. In this episode, Morgan and Zaccaro are joined by Keri Axel, a former SEC

The highly controversial SolarWinds cyber fraud case collapsed entirely. The SEC was forced to surrender its legal fight against the company and CISO Tim Brown, dismissing the case with prejudice—an outcome almost never seen in SEC litigation.

In this episode of Capital Ideas, we’re joined by David Weild IV—former NASDAQ Vice Chair and widely recognized as the “father of the JOBS Act.” With decades of Wall Street experience and a fierce passion for fixing broken systems, Weild delivers a searing critique of the U.S. capital formation landscape.

Hundreds of cases initiated one, five, or even ten years ago are still working their way through the courts, often carrying with them the threat of new precedents that, if left unchallenged, could cement past expansionary efforts and pave the way for future overreach.

Dr. Jan Jindra and Dr. Adrienna Huffman, two former SEC financial economists now with the Brattle Group, dive into their new report, which analyzes the numbers behind the dramatic policy shift from the Gensler-led Commission to the new Atkins administration.

In this episode, hosts Tom Zaccaro and Nick Morgan are joined by four academic co-authors—Professors Eldar Maksymov, Phillip Lamoreaux, Nate Cannon, and Noah Myers—to discuss their new paper, "Is the PCAOB enforcement approach aligned with its mandate?". Based on in-depth interviews with 20 sanctioned auditors and 13 former PCAOB enforcement staff, they uncover a deeply flawed system perceived by outsiders and former insiders alike as "punitive" rather than protective.