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Reining in Regulatory Expansion 

 ICAN is pushing back against the SEC’s efforts to expand its regulatory jurisdiction and authority, working to establish and reinforce clear, reasonable boundaries that provide certainty and stability for market participants. 

 

In an era of rapid financial innovation, a key focus for ICAN is actively challenging SEC efforts to expand the definition of terms like "dealer," "security," and "broker," efforts that threaten the innovation helping to drive the modern American economy. At the same time, ICAN is manning the legal walls the United States Supreme Court has already established to restrain the SEC, directly challenging attempts by the SEC to flout those Supreme Court limitations. It is a grinding war of attrition, but one that is crucial to halting the insidious bureaucratic momentum of a regulatory agency with a seemingly limitless reach, and it requires an organization that is focused full-time on SEC action. 

Our Work

Litigation

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.

SEC v. Panuwat, 21-cv-06322 (N.D. Cal., October 27, 2023)

Informing the court of the unintended consequences of the SEC's novel "shadow insider trading" theory that would allow companies to keep their competitors' stock prices artificially low.

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.

SEC v Schueler, No. 23-cv-05749 (E.D.N.Y., April 15, 2024)

Challenging First Amendment violations caused by SEC naming as defendants a blockchain token, a protocol deployed on a blockchain network, and a blockchain network.

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.

Davidson v Gensler, No. 6:24-cv-00197 (W.D. Tx, August 22, 2024)

Supporting challenge to the legality of the SEC's Consolidated Audit Trail database as improperly intrusive, susceptible to hacks and leaks, not statutorily authorized, and unconstitutional.

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.

American Securities Association v SEC, No. 23-13396 (11th Circuit, February 15, 2024)

Supporting challenge to the legality of the SEC's Consolidated Audit Trail database as improperly intrusive, susceptible to hacks and leaks, not statutorily authorized, and unconstitutional.

Nat'l Assn of Private Fund Managers v SEC, No. 23-60626 (5th Circuit, March 12, 2024)

Supporting challenge to SEC rules regarding disclosure of short sale information that would distort market price discovery and risk misleading market participants.

Powell v SEC, No. 24-1899 (9th Circuit, June 24, 2024)

Supporting First Amendment challenge to SEC policy restricting speech of settling defendants.

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.

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.

Advocacy

ICAN's Logo featuring a lightbulb and stock chart

Investor Choice Advocates Network (ICAN) is a nonprofit public interest litigation organization dedicated to breaking down barriers to entry to capital markets and pushing back against the overreach of the Securities and Exchange Commission (SEC), serving as a legal advocate and voice for investors and entrepreneurs whose efforts help fuel vibrant local and national economies driven by innovation and entrepreneurship.

Investors Choice Advocates Network is a 501(c)(3) charitable organization. All contributions are tax deductible. No goods or services will be provided in exchange for this contribution.

 

EIN: 87-3986761

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Los Angeles, CA 90013

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