Nicolas Morgan

Tokens issued from a master smart contract cannot exceed authorized share counts. Phantom shares and reconciliation confusion become dramatically harder to hide.

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.”