SEC Roundup

With the SEC's approval of Nasdaq's new $5 million listing rule now frozen, the fight over small-company delisting is wide open. In Episode 103 of SEC Roundup, we welcome Small Public Company Coalition president Marc Indeglia and former SEC Chief Economist Professor Craig Lewis to explain the "delisting cliff." Nasdaq's rule would suspend any company that spends 30 days below $5 million in market value — with no period to cure the problem and no pause on trading while it appeals. Professor Lewis reviewed 20 years of data: of the companies the rule would have cut, 78% later recovered. The Coalition has petitioned the SEC to set it aside.Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm in the country focused exclusively on reining in SEC overreach and expanding fair access to capital markets. Be part of a movement to protect innovation and opportunity in American markets while preserving essential investor protections—join our email list today: https://www.icanlaw.org/newsletter-signup

With the SEC currently soliciting public feedback on its Draft Strategic Plan (FY 2026–2030), the window to reform regulatory overreach is wide open. In Episode 102 of SEC Roundup, we welcome securities attorney Kimble Charles Cannon to expose a critical flaw in SEC enforcement: "Regulation by Delay". They examine how unelected regional staff use post-Wells notice stalls, endless subpoenas, and tolling agreements to hold businesses in perpetual limbo—killing capital formation, M&A deals, and executive hiring even when no investor losses exist. The team breaks down recent updates to the Enforcement Manual, why staff routinely bypass Dodd-Frank Section 929U’s 180-day mandate, and how the public can submit formal comments to demand true enforcement reform.Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm in the country focused exclusively on reining in SEC overreach and expanding fair access to capital markets. Be part of a movement to protect innovation and opportunity in American markets while preserving essential investor protections—join our email list today: https://www.icanlaw.org/newsletter-signup

The Supreme Court just handed the SEC a unanimous victory in a high-stakes disgorgement case—but is it actually an empty win? Co-hosts Nick Morgan and Tom Zaccaro sit down with former SEC economic assistant director Erin Smith, Executive Vice President at Compass Lexecon, to expose the massive legal loopholes left entirely unanswered by in SEC v. Sripetch. From a staggering $5.2 billion in penalties sitting in the U.S. Treasury to the breakdown of tracking "insider trading victims," find out why disgorgement is heading straight back into a legal firestorm.Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm in the country focused exclusively on reining in SEC overreach and expanding fair access to capital markets. Be part of a movement to protect innovation and opportunity in American markets while preserving essential investor protections—join our email list today: https://www.icanlaw.org/newsletter-signup

For the 100th episode of SEC Roundup, we count down the top 5 most critical legal battles in the history of the show. From submitting landmark amicus briefs alongside Mark Cuban at the Supreme Court to defending clients when the SEC literally tried to sue a piece of computer code, this episode is a masterclass in holding regulators accountable.Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm in the country focused exclusively on reining in SEC overreach and expanding fair access to capital markets. Be part of a movement to protect innovation and opportunity in American markets while preserving essential investor protections—join our email list today: https://www.icanlaw.org/newsletter-signup

Who actually holds the power when the SEC writes the rules of Wall Street? Co-hosts Nick Morgan and Tom Zaccaro sit down with Dartmouth and University of Florida professors Gabriel Voelcker and Gabriel Pündrich. Using AI to analyze 30 years and over 65,000 public comment letters, their groundbreaking data reveals whether corporate lobbyists or retail investors have the upper hand—and exposes surprising truths about how the agency functions across political administrations.

What happens when the system designed to police Wall Street breaks down entirely? Co-hosts Nick Morgan and Tom Zaccaro welcome veteran trial counsel Bob Knuts to expose a stunning breakdown in administrative justice. They dissect the case of Lek Securities Corporation, which was left trapped in regulatory limbo for a staggering ten years waiting for an SEC appeal decision. Discover the massive constitutional stakes, the denial of expert witnesses, and why private self-regulatory organizations are facing an unprecedented reckoning in federal court.

Why is the SEC suddenly facing a historic wave of lawsuits? Professor Amanda Rose joins us to discuss the "rational actor" shift in securities defense. From Supreme Court wins to the rise of pro-bono advocacy, discover why market participants are finally fighting back against the agency’s long-standing regulatory levers.

Is the SEC finally opening up? Co-hosts Nick Morgan and Tom Zaccaro welcome former SEC Associate Director Lori Echavarria to break down the first major update to the SEC Enforcement Manual in nearly ten years. From expanded Wells response times to the return of simultaneous settlement waivers, discover how these "user manual" changes signal a new era for 2026 investigations.

Is the SEC entering its "Moneyball" era? Co-hosts Nick Morgan and Tom Zaccaro sit down with Stan Yakoff, founder of RegLabs.ai, to discuss the infiltration of AI at the Commission. From the risk of "AI investigative slop" to the RegLab’s tools that help you stay ahead of compliance requirements, this episode explores the high-tech future of compliance, enforcement, and the dangerous future of AI-enabled regulators.

Host Nick Morgan and an expert panel break down the four most consequential SEC and financial cases of 2026. From the "Shadow Trading" appeal in the Ninth Circuit to a Supreme Court showdown over $5 billion in stuck funds, learn how these rulings will impact investors, crypto platforms, and the future of enforcement.

How does the SEC decide on civil penalties? According to our guests, it’s more arbitrary than you think. Former SEC attorney David Slovick and Vanderbilt law professor Phil Lieberman join to unpack their eye-opening research on inconsistent fines, flawed incentives, and what real reform could look like.

The SEC wants the Supreme Court to approve a powerful enforcement tool—even when there’s no investor harm. In this episode, Nick Morgan and Thomas Zaccaro are joined by Kari Axel to unpack what this means for innovation, fairness, and the future of securities enforcement.

The SEC’s attempt at a major cybersecurity enforcement precedent against SolarWinds failed spectacularly. CISO Tim Brown and his lawyers detail the landmark legal win that secured an abrupt, complete dismissal of the case.

Why did SEC enforcement activity suddenly drop off a cliff? Nick and Tom host two former SEC economists, now with the Brattle Group, who crunched the numbers and uncovered a "dramatic decline" in cases that points to a seismic shift in policy under the new Atkins administration.

What's it like to get a permanent "scarlet letter" from the PCAOB? Tom Zaccaro and Nick Morgan host four professors whose new paper, based on candid interviews with former staff and sanctioned auditors, reveals a "punitive" system. They expose how a "numbers game" incentive structure is failing to protect investors and disproportionately targets small firms.

Are quarterly earnings reports driving companies away from U.S. markets? Harvard’s Hal Scott thinks it's time for reform—on reporting, arbitration, and more.

Is FINRA protecting day traders and new investors—or setting them up to fail? Ross Cameron, the founder of Warrior Trading, joins Tom and Nick to explain why the $25K PDT rule backfires, how it pushes new traders into riskier waters, and what smart reform could look like.Click the link to help ICAN advocate for swift action on PDT Reform: https://www.icanlaw.org/pdt-reform-signup

Howard Lindzon, CEO of Stocktwits, joins Nick Morgan and Jennifer Schulp to discuss the rise of meme stocks and the enduring power of retail investors. What does the movement reveal about market behavior — and how should regulators respond?

Miles Jennings, General Counsel at Andreessen Horowitz, joins Nick Morgan and Rodrigo Cerra to discuss a bold new proposal submitted to the SEC—a safe harbor that could finally bring clarity to crypto entrepreneurs navigating outdated broker-dealer rules.

The SEC’s Consolidated Audit Trail (CAT) just suffered a major legal blow. ICAN’s Nick Morgan is joined by Jennifer Schulp—frequent SEC Roundup co-host and Cato Institute financial regulation expert—along with ASA CEO Chris Iacovella, to unpack the 11th Circuit’s rebuke of the CAT’s funding model and what it means for investor privacy, surveillance, and SEC overreach.

Despite three Supreme Court rulings questioning its administrative power—and a new Commission leadership in place—the SEC’s Enforcement Division went to federal court without even informing the Commission. Russ Ryan returns to expose this unauthorized action, what it means for due process, and why internal oversight at the SEC may be more broken than ever.

What if the SEC could take millions—even when no one lost a dime? Appellate expert Igor Timofeyev joins co-hosts Nick Morgan and Tom Zaccaro to break down a key Supreme Court petition and a growing court split over disgorgement. The outcome could reshape SEC enforcement for years to come.

Former SEC Commissioner Troy Paredes and Cooley special counsel Rodrigo Seira join ICAN’s Nick Morgan to discuss the SEC’s evolving approach to regulating crypto. Hear how the agency is shifting from enforcement to engagement—and why a principles-based strategy could finally deliver real crypto clarity.

Dr. Thomas Powell joins ICAN co-founder Nick Morgan and Mark Hiraide to share how a 2021 SEC settlement turned into a years-long professional purgatory. They discuss the reality of SEC industry bars, the collateral damage they cause, and the constitutional issues raised by “neither admit nor deny” settlements. Powell’s case, now in the Ninth Circuit, could have major implications for how the SEC handles administrative sanctions.

The SEC’s dealer rule was struck down in federal court, and the agency has withdrawn its appeal (and apparently backed off of other ongoing litigation)—but the legal battle over the definition of a securities dealer isn’t over. ICAN co-founder Nick Morgan speaks with Daniel Austin and Suzan Rose from the Alternative Investment Management Association (AIMA) about how the SEC has used litigation to expand dealer obligations, what recent court decisions mean for the industry, and what could come next. Tune in for expert insights on this evolving regulatory fight.

The American Securities Association (ASA) is challenging the constitutionality of the Municipal Securities Rulemaking Board (MSRB) in the 11th Circuit. ICAN co-founder Nick Morgan and guest host Sarah Concannon talk with ASA CEO Chris Iacovella about the lawsuit, its implications for self-regulatory organizations, and the SEC’s push for faster trade reporting. Tune in for expert insights on this high-stakes legal battle.