FOR IMMEDIATE RELEASE January 23rd, 2025
Former SEC Senior Counsel and Securities Law Experts Release Comprehensive SEC Reform Blueprint
LOS ANGELES - The Investor Choice Advocates Network (ICAN Law), the only national organization solely focused on reining in SEC overreach, today released its "2025 SEC Action Plan," a comprehensive roadmap for unleashing the full potential of American markets while protecting small investors and entrepreneurs.
The plan's release comes at a critical moment as the incoming administration considers its approach to financial regulation. Drawing on the expertise of former SEC attorneys, renowned securities lawyers, and industry experts, ICAN's plan outlines 17 concrete reforms across four key areas: streamlining market access, enhancing regulatory clarity, improving accountability, and modernizing regulatory structure.
"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," said Nicolas Morgan, ICAN's founder and president, who previously served as Senior Trial Counsel at the SEC. "Our plan provides practical solutions informed by decades of experience both inside and outside the agency."
Key recommendations include:
Expanding market access by reforming wealth-based restrictions, including the accredited investor definition and $25,000 pattern day trading requirement
Enhancing accountability through investigation time limits, eliminating disgorgement for non-fraud cases, and establishing clear policies for SEC payment of attorneys' fees for dismissed or substantially narrowed cases
Requiring unanimous Commission approval before pursuing legal theories rejected by federal courts, ending the SEC's forum shopping practices
Modernizing regulatory structure by merging SEC with other duplicative oversight bodies
ICAN's reform agenda builds on the organization's successful track record of defending small investors and entrepreneurs through strategic litigation and advocacy. In 2024, ICAN helped secure important victories in SEC v. Jarkesy at the Supreme Court and played a key role in expanding access to digital asset markets.
The complete SEC Action Plan is available at www.icanlaw.org/2025plan
For more information about ICAN and its ongoing efforts to support investor rights, please visit www.icanlaw.org or contact: info@icanlaw.org
About ICAN: The Investor Choice Advocates Network (ICAN) is a nonprofit organization dedicated to breaking down barriers to entry to capital markets and pushing back against regulatory overreach. ICAN advocates for fair and transparent regulatory practices, ensuring all individuals have equal access to investment opportunities and due process in the financial markets.
Contact Information: Investor Choice Advocates Network (ICAN) Email: info@icanlaw.org Website: www.icanlaw.org
