WSJ Feature, Senior Leadership Expansion & Congressional Action
- Nicolas Morgan
- Apr 6
- 4 min read
April 7th, 2025
A Week of Major Developments at ICAN
Dear ICAN Partners,
I wanted to share some exciting developments that unfolded last week, showcasing the extraordinary momentum building behind our mission to break down barriers to capital markets and push back against SEC overreach.
These recent milestones represent significant progress in our efforts to defend small investors and entrepreneurs while promoting fairer, more accessible capital markets for all Americans. As our influence continues to grow, so does our ability to drive meaningful, lasting change in the regulatory landscape.
In gratitude,
Nick Morgan
Founder and President of ICAN
HOT OFF THE PRESS: ICAN in The Wall Street Journal
Published April 2nd: The Wall Street Journal featured my letter to the editor in its Opinion section, addressing how the SEC's accredited investor rule creates an inequitable two-tiered investment system. The piece appeared in both the print and online editions of the newspaper. National coverage like this helps amplify our perspective on these important issues to a broader audience.
In the piece, I challenged the paternalistic assumptions behind current regulations:
"The arbitrary accredited investor standards perpetuate a two-tiered system by which only the already wealthy can access potentially transformative investments. A truly freedom-respecting approach would focus on transparency and disclosure rather than prohibition."
This coverage comes at a pivotal moment as policymakers are actively considering reforms to capital markets access (more on that below), and it demonstrates the growing influence of ICAN's message.
JUST ANNOUNCED: Mark Hiraide Joins ICAN's Leadership Team
Announced April 3rd: I'm thrilled to announce that Mark T. Hiraide has officially joined ICAN as Senior Legal Director & Policy Counsel. Mark brings over three decades of securities law expertise to our team, significantly enhancing our ability to defend small investors and entrepreneurs facing SEC challenges.
Mark's exceptional background includes serving as a Branch Chief in the SEC's Division of Enforcement and drafting California's seed-stage equity crowdfunding law. He'll maintain his position as Partner at Mitchell Silberberg & Knupp LLP while serving in this new capacity at ICAN, providing us with an immediate boost in our legal and policy capabilities.
"I'm honored to join ICAN's team of former SEC attorneys who bring insider knowledge and technical expertise to the fight against regulatory overreach," Mark said upon joining us. "Having worked on both sides of securities regulation, I've seen firsthand how excessive restrictions can stifle innovation and limit opportunity for everyday Americans trying to access capital markets."
You can read the press release here.
JUST SUBMITTED: ICAN's Congressional Recommendations
Delivered Last Week to the House Financial Services Committee: With Mark's expertise informing our approach, we've just submitted comprehensive recommendations to the House Financial Services Committee on reforming capital markets access. Our letter details how the outdated accredited investor rule unfairly blocks most Americans from private investments regardless of their knowledge or expertise.
We included powerful testimony from entrepreneurs, legislators, and market participants (here) who've witnessed firsthand how arbitrary wealth requirements hurt innovation and perpetuate inequality. This submission builds directly on our ongoing lawsuit challenging the SEC's failure to respond to our 2022 rulemaking petition.
The timing couldn't be better, as the Committee is actively considering multiple bills that would expand investor access and improve capital formation. Our voice is helping shape this critical conversation in real time. You can revisit our work on reforming the Accredited Investor rule here.
BEYOND THE HEADLINES: A Ground-Level View of Ongoing SEC Operations
Last week: For those who have read stories about DOGE going into the SEC and may be concerned that the regulatory agency is being "dismantled" and will be left without resources to fight fraud, I witnessed quite the opposite in real time. Last week, I participated in a "meet and confer" call with SEC staff on behalf of one of our octogenarian pro bono clients who was sued (in 2021) for a non-fraud Section 5 violation relating to a single transaction in 2017. On my LinkedIn page, you can read my account of the call, which is a valuable illustration of how the SEC’s seemingly bottomless supply of resources is being squandered.
This fresh example underscores why our work remains so urgent, regardless of who sits in the SEC's leadership offices. The bureaucratic momentum continues unabated at the staff level, reinforcing the need for the systematic, precedent-setting litigation that forms the core of ICAN's mission. This is also why we published a list of comprehensive reform suggestions earlier this year, which you can revisit here, informed by our deep understanding of how the agency works (or doesn’t work).
Join Our Growing Movement
Now is a great moment to support ICAN's mission to defend small investors and entrepreneurs while promoting fairer, more accessible capital markets for all Americans.
Here's how you can make an immediate impact:
Make a tax-deductible donation today to directly support our pro bono legal representation of small entrepreneurs and investors who can't afford to fight back against SEC overreach.
Share this newsletter on social media to help amplify our message about creating fairer capital markets with this link.
As the momentum builds and our influence grows, your involvement—whether through financial support, sharing our message, or connecting us with others—directly strengthens our ability to build lasting guardrails against regulatory overreach that will benefit all Americans.
If you'd like to discuss other ways to support our mission or learn more about our cases, please contact us at info@icanlaw.org.
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