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Expanding Market Access

ICAN is aggressively challenging the SEC's paternalistic restrictions that lock everyday Americans out of wealth-building opportunities, while stifling economic growth and innovation.

While often dismissed as simply a "Wall Street problem," the SEC’s ever-expanding labyrinth of regulations often hit Main Street hardest, with the agency’s reach extending all the way down to the local food truck owner seeking to raise funds to expand his enterprise and to the long-time mom and pop store owners who, after a lifetime of work, want to put their hard-earned money to work by investing in their own community. In order to “protect” small entrepreneurs and investors, the federal government limits who can invest in private enterprise and severely restricts how small entrepreneurs can raise the capital needed to launch or expand new efforts.

Our litigation and advocacy efforts focus on modernizing crowdfunding regulations, reforming arbitrary wealth-based rules, and reducing unnecessary regulatory burdens for small businesses seeking capital.

Our Work

Litigation

ICAN v SEC: Challenging Inaction on Accredited Investor Reform

ICAN has challenged the SEC's outdated "accredited investor" rule that arbitrarily prevents 80% of Americans from accessing private investment opportunities based solely on wealth thresholds rather than knowledge or experience, fighting to democratize access to wealth-building opportunities for all Americans.

PulseChain- SEC v Schueler

In an unprecedented expansion of its enforcement approach, the SEC named three software programs—a blockchain token, a blockchain network, and a protocol—as defendants, prompting ICAN to file an amicus brief that successfully challenged the agency's attempt to wage war against software and secured a significant victory for the PulseChain community.

SEC v Punch TV

Joseph Collins, a Los Angeles entrepreneur, faced a ruinous $1.35 million SEC demand over a self-reported technical violation with no fraud or investor harm, until ICAN secured a complete victory rejecting the SEC's disgorgement attempt and preserving key limits on the agency's powers.

Amicus Briefs & Comment Letters

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.

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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.

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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.

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Beba LLC and DeFi Education Fund v SEC, No. 24-cv-00153 (W.D. Tx, October 28, 2024)

Supporting claims for more transparent regulation of digital assets.

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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.

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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.

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Corpus Christi Firefighters’ Retirement System v. Macellum Capital Management LP, et al.

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

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Advocacy

From the accredited investor barrier to Reg A+ pauses that block continuous investing, Paul breaks down the systemic flaws and shares how his year-long crowdfunding experiment unlocked new pathways for Main Street investors to take back control

Capital Ideas 27: Can $12K Beat Wall Street? Paul Lovejoy’s 366-Day Crowdfunding Challenge Says Yes

Paul Lovejoy, founder of Stakeholder Enterprise, shared his bold vision for democratizing wealth creation. His ambitious “Leap Year Portfolio” experiment—making 366 crowd-based investments in 366 days—offers a compelling case for rethinking how retail investors can access opportunities traditionally reserved for the elite.

Mark Elenowitz, Managing Director at Digital Offering, exploring how his firm used Reg A+ to spearhead the groundbreaking Newsmax IPO

Capital Ideas 26: Inside the Newsmax IPO and How Reg A + Can Democratize Wall Street

n this episode of Capital Ideas, we sit down with Mark Elenowitz, Managing Director at Digital Offering, to explore how his firm is transforming the landscape of modern IPOs through the use of Regulation A+ (Reg A+). Known for spearheading the groundbreaking Newsmax IPO, Mark shares how the Newsmax IPO made history with the largest two-day opening gain in U.S. market history. Mark takes us behind the scenes of this historic deal.

Capital Ideas 25: Mark Hiraide on Unlocking Capital Access and Fixing Finder Rules

Mark Hiraide brings decades of experience in securities law and a front-row seat to the evolution of capital markets, from small-cap IPOs in the '90s to the JOBS Act and beyond. He discusses his hands-on work shaping California’s crowdfunding rules and his new role evaluating federal reforms aimed at expanding investor access and streamlining capital formation.