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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

PulseChain- SEC v Schueler

In an unprecedented expansion of its enforcement approach, the SEC named three software programs—a blockchain token, a blockchain network, and a protocol—as defendants, prompting ICAN to file an amicus brief that successfully challenged the agency's attempt to wage war against software and secured a significant victory for the PulseChain community.

SEC v Barry et al.

Three sales agents have spent almost ten years over a registration violation -all because the SEC is trying to erode a past ruling that life settlement products are not securities under Howey, highlighting how the agency forum-shops rejected legal theories to different courts until finding a judge who will rule in its favor.

Amicus Briefs & Comment Letters

In re Ripple Labs Litigation

Advocating against retroactive application of Howey

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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.

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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.

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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.

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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.

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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.

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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.

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In the Matter of Rajarengan Rajaratnam (Admin Proc. File No. 3-16245, June 30, 2025)

Encouraging SEC to end "forever bars" against professionals

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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.

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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.

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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.

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

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

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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.

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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.

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Advocacy

Unchecked Enforcement. Misguided Legislation. ICAN Responds.

We’re pleased to bring you the latest updates in this issue, including new developments in our ongoing construction of a legal bulwark against SEC overreach—and a critical look at H.R. 3394, a bill that threatens to take a major step backward in expanding access to America’s capital markets.

SEC Enforcement Division goes to Court without SEC Commission approval

SEC Roundup 83: SEC Staff Gone Rogue—Federal Action Without Commission Approval

Despite years of constitutional scrutiny over the SEC’s administrative proceedings—and the very clear line between the politically accountable Commission and the staff—it appears the Enforcement Division felt emboldened to go it alone.

SEC defying Supreme Court in pursuit of victimless disgorgement

SEC Roundup 82: No Harm, Big Money! Is the SEC Overreaching on Disgorgement?

If no one lost money, why is the SEC demanding $22 million in disgorgement? That’s the question at the center of Navellier & Associates v. SEC, a case now knocking on the door of the U.S. Supreme Court. Appellate litigator Igor Timofeyev of Paul Hastings unpacks the growing legal divide over how far the SEC can go in punishing conduct—even when investors walk away with profits.