Nicolas Morgan

For most of its history, the SEC operated with what Vanderbilt Law Professor Amanda Rose calls "de facto power" — a vast influence built not through formal laws, but through "soft" regulatory levers like no-action letters and safe harbors. These mechanisms allowed the agency to micromanage the capital markets while avoiding the transparency and accountability requirements of the Administrative Procedure Act.

view of how capital really flows, why Regulation Crowdfunding (Reg CF) may be misaligned, and what a functional, modern capital market should look like.

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."