top of page
ChatGPT Image May 22, 2025, 02_53_38 PM.png

Restoring Due Process

ICAN is fighting for fundamental fairness in SEC proceedings, demanding transparent processes, reasonable timelines, and constitutional protections for all market participants.

 

Like so many other federal agencies, over the years, the SEC has behaved increasingly like a law unto itself, too often willing to ignore due process and fairness in its pursuit of wins. At the same time, everyday Americans seeking redress are forced to navigate a sprawling, Kafkaesque bureaucracy where appeals can languish for years. SEC “forever bars” have become alarmingly common as SEC bureaucratic delays and inaction have turned the right to apply for reinstatement, which is included in many forced settlements, into an illusory promise. It is a pattern that ICAN will no longer allow to continue unchallenged.  

 

Through our targeted litigation strategy and advocacy, ICAN is holding the SEC accountable to the core American values of justice, fairness, and due process - principles that are essential for robust capital markets. 

Our Work

Litigation

Amicus Briefs & Comment Letters

SEC v. Cochran, No. 21-1239 (U.S., July 7, 2022)

Ensuring access to federal courts for constitutional challenges to SEC administrative proceedings. Brief of Phillip Goldstein, Mark Cuban, Nelson Obus, and Investor Choice Advocates Network as Amici Curiae in Support of Respondent.

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.

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.

TAEP v SEC, No. 24-1626 (8th Circuit, June 24, 2024)

Challenging SEC's statutory authority to issue rule requiring prescriptive disclosures by public companies.

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.

Corpus Christi Firefighters’ Retirement System v. Macellum Capital Management LP, et al.

Opposing misuse of greenmail statute to punish non-manipulative, unharmful activist shareholder conduct.

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.

Bartlett v Baasiri, No. 23-568 (U.S., December 28, 2023)

Supporting maximizing investor access to US courts to discourage foreign governments from nationalization and privatization gamesmanship.

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.

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

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

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. Jarkesy, No. 22-859 (U.S., October 18, 2023)

Ensuring the right to juries as fact-finders in SEC enforcement proceedings. Brief of Phillip Goldstein, Nelson Obus, Mark Cuban, Elon Musk, Manouch Moshayedi, and Investor Choice Advocates Network as Amici Curiae in Support of Respondents.

Advocacy

2
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

Contact Us

453 S Spring St Ste 400

Los Angeles, CA 90013

Terms, Conditions and Privacy Policy

State Disclosures

bottom of page