January 23rd, 2025
Dear ICAN Partners,
After decades of witnessing firsthand how SEC overreach destroys lives and stifles innovation - first as Senior Trial Counsel at the SEC and later defending clients against the agency - I've seen how urgently we need meaningful reform. That's why I'm excited to share ICAN's 2025 SEC Action Plan - a comprehensive roadmap the new administration and lawmakers can use to help unleash the full potential of American markets while protecting small investors and entrepreneurs.
Drawing on the deep expertise of ICAN's network of former SEC attorneys, renowned securities lawyers, and industry experts, we've developed 17 concrete reforms across four key areas: streamlining market access, enhancing regulatory clarity, improving accountability, and modernizing structure. These aren't just theoretical proposals - they're practical solutions informed by decades of experience both inside and outside the agency.
The status quo isn't working. When nearly all SEC cases end in settlement and entrepreneurs face ruin over technical violations, the agency's overreach isn't just destroying individual lives - it's creating uncertainty and risk that stifles innovation and threatens America's position as the world's leading capital market. Our action plan provides a clear path forward, with reforms that would expand investment opportunities, reduce regulatory uncertainty, and create appropriate checks on SEC power—all while maintaining necessary investor protections.
I encourage you to download and read the full plan here. If you share our vision for a financial system that works for everyone and creates a more robust economy, please share this plan with others who care about these issues.
With appreciation for your partnership in this crucial work,
Nick Morgan
Founder and President of ICAN