Securities Docket Weekly Update - March 7
Securities Docket Weekly Update - March 7, 2025. Join me as I break down the top securities enforcement and regulatory developments shaping the industry this week! Don’t forget to like, comment, and subscribe for weekly updates!
Securities Docket Weekly Update - Feb 28
Securities Docket Weekly Update - Feb 28, 2025. Join me as I break down the top securities enforcement and regulatory developments shaping the industry this week! Don’t forget to like, comment, and subscribe for weekly updates!
Securities Docket Weekly Update - Feb 21
Securities Docket Weekly Update - Feb 21, 2025. Join me as I break down the top securities enforcement and regulatory developments shaping the industry this week! Don’t forget to like, comment, and subscribe for weekly updates! 👊🏽🇺🇸
Securities Docket Weekly Update - Feb 14
Securities Docket Weekly Update Feb 14, 2025 - Join me as I break down the top securities enforcement and regulatory developments shaping the industry this week! Don’t forget to like, comment, and subscribe for weekly updates!
Harvard vs. Trump: Federal Funding, Free Speech, and the Fight for Academic Autonomy
A high-stakes legal and political confrontation is unfolding between Harvard University and the Trump administration. At its core lies a dispute over federal research funding, the right of private universities to operate independently, and the administration’s efforts to combat antisemitism on campuses. The conflict raises profound questions about constitutional law, academic freedom, and the extent of executive power over institutions of higher learning.
SEC’s April 2025 Crypto Guidance Flop
On April 10, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) released a detailed statement outlining disclosure expectations for offerings and registrations of securities in the crypto asset markets. While the framework is thorough, well-organized, and undeniably helpful to lawyers and compliance professionals, it suffers from a familiar and recurring issue in the Commission’s approach to crypto: it does not say who the rules apply to.
Paul Atkins Confirmed as SEC Chair Amid Rising Pressure to Act on Chinese Companies
On April 10, 2025, the U.S. Senate confirmed Paul Atkins as the next Chair of the Securities and Exchange Commission in a narrow 52-44 vote. During his confirmation process, Atkins faced tough questions about the agency’s recent reversals in crypto enforcement and the influence of the Trump administration on its priorities. But the most pointed pressure came from lawmakers demanding stronger action against Chinese companies listed on U.S. exchanges.
Courts, Not Regulators, May Shape Crypto Law — But That’s Not Necessarily a Bad Thing
As the SEC retreats from its aggressive crypto enforcement posture under former Chair Gary Gensler, observers have speculated that courts will now become the primary venue for resolving disputes over how federal securities laws apply to digital assets. But despite the headlines suggesting a flood of new litigation, we at Anderson P.C. are not convinced that such a surge is inevitable—or even problematic.
Par for the Course - Senator Warren Urges Review of Trump SEC’s Crypto Retreat
To many familiar with Senator Warren’s long-standing focus on financial regulation and institutional accountability, this move is unsurprising. She has consistently taken a hardline stance against what she views as industry capture and lax enforcement. Whether this particular request leads to meaningful action from the OIG remains to be seen. Such inquiries can take months or years, and the bar for proving undue influence is high.
DOJ Bans Lawyers from ABA Events
In a move that has stirred unease across the legal community, the U.S. Department of Justice (DOJ) announced last week that its attorneys are prohibited from attending or participating in events organized by the American Bar Association (ABA). The decision, laid out in a memo from Deputy Attorney General Todd Blanche, cited concerns that the ABA has engaged in “activist causes,” including litigation aimed at blocking Trump administration policies on foreign aid.
Markets React to Fake News on Tariffs: A Cautionary Tale for Traders
On April 8, 2025, U.S. financial markets experienced a whiplash moment after an unverified social media report falsely claimed the Trump administration was preparing a 90-day suspension of tariffs. The news—initially published by pseudonymous Twitter personality “Walter Bloomberg” and subsequently picked up by credible outlets including CNBC and Reuters—set off an immediate and massive rally in equity markets. The rally added trillions of dollars in paper value in a matter of minutes.
Conducting a Tokenized Offering Under Reg A
While there are multiple frameworks available to launch and distribute tokens—including those designed to avoid classification as securities—many of our clients elect to offer tokens as securities for strategic reasons. This can include unlocking broader investor participation, enabling secondary market liquidity, or building long-term institutional trust. Regulation A and Regulation Crowdfunding (Reg CF) are the two primary exemptions that allow for the public issuance of security tokens under U.S. law.
CFPB’s Overreach: Applying Regulation E to Unhosted Wallets is Legally and Technologically Unsound
The Consumer Financial Protection Bureau (CFPB) recently issued a proposed interpretive rule that aims to expand the scope of Electronic Fund Transfer Act (EFTA) and Regulation E to include unhosted blockchain wallets such as MetaMask.
SEC Enforcement Lawyers Face Fallout as Crypto Industry Pushes Back
The ongoing battle between the SEC and the cryptocurrency industry has taken a new turn—not just in regulatory policy, but in the professional reputations of SEC enforcement attorneys. With the agency facing court setbacks and political shifts, some former SEC lawyers are struggling to find opportunities in private practice, particularly at firms engaged in crypto-related work. This dynamic raises fair questions on both sides—is this an unfair punishment for regulators who were doing their jobs, or is it a natural consequence of overzealous enforcement that left a lasting impact on the industry?
Big Law and the Trump Administration
The Trump administration’s latest actions targeting Paul Weiss and other major law firms have sparked debate over the future of Big Law. While these developments are significant, it’s important to take a measured view—this is disruptive but not existential for the industry.
Acting SEC Chair Reshapes the Agency Ahead of Trump’s Pick
The Securities and Exchange Commission (SEC) is undergoing a profound transformation as its acting leadership reshapes the agency ahead of the confirmation of President Trump’s nominee, Paul Atkins. These sweeping changes include staffing reductions, leadership shake-ups, and a recalibration of enforcement priorities, raising questions about the future of securities regulation in the United States.
SEC Accuses Cannabis CFO of $4.2M Round-Trip Accounting Scheme: Industry Lessons
The U.S. Securities and Exchange Commission (SEC) has filed charges against the former CFO of Acreage Holdings, Glen Leibowitz, alleging his involvement in a $4.2 million round-trip transaction designed to manipulate the company’s year-end cash balance. This case underscores the increasing regulatory scrutiny cannabis companies face, particularly as they grapple with complex financial reporting obligations, banking restrictions, and compliance challenges.
SEC Backs Down on Ripple
In a major development for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has ended its appeal against Ripple Labs regarding the legal status of the XRP token. This decision marks a significant shift in regulatory posture, reflecting broader changes in crypto oversight under the new administration.
CFTC Pulls Back on SEF Registration Advisory: A Win for Market Clarity
The Commodity Futures Trading Commission (CFTC) just hit the reset button. On March 13, 2025, the Division of Market Oversight (DMO) issued CFTC Letter No. 25-05, officially scrapping the controversial 2021 Advisory on Swap Execution Facility (SEF) Registration (CFTC Letter No. 21-19). Effective immediately, this move restores the pre-2021 regulatory framework, providing much-needed clarity for commodity trading advisors (CTAs), introducing brokers (IBs), and other market players facilitating swap execution.
FINRA’s Probe Raises Constitutional Questions Amid Growing Scrutiny of Regulatory Power
A new lawsuit against the Financial Industry Regulatory Authority (FINRA) highlights growing tensions between regulatory enforcement and constitutional protections. On February 15, Francis G. Smith of FGS Financial Inc. filed a complaint in the U.S. District Court for the District of Columbia, alleging that FINRA violated his due process rights. The lawsuit claims that during a probe into his continuing education compliance, FINRA demanded sworn testimony and warned Smith he could face expulsion from the securities industry if he asserted his Fifth Amendment right against self-incrimination.