Nicolas Morgan

At the same time, the Commission continues to insist publicly that it is committed to widening access to private markets—a commitment completely at odds with its actions against both of our clients.

A wonderful law clerk, Tristyn Meyer from MSU College of Law, has spent the year with us at ICAN. He arrived the way most young lawyers do—having studied securities regulation from a casebook, where the SEC executes flawlessly and the people on the other end barely appear. Then he spent a year representing those people in real cases, and the picture changed.

it down with Coalition president Marc Indeglia and former SEC Chief Economist Professor Craig Lewis to unpack what's at stake for small public companies and their investors. Professor Lewis examined every Nasdaq-listed company from 2006 to 2025 and asked a simple question: what would this rule actually have done? He found 816 companies it would have delisted — and 640 of them, roughly 78%, later recovered. Hundreds remain listed today, worth billions of dollars combined.