United States: Securities

Today, scrutiny is no longer confined to public equities markets. In a pair of recent prosecutions, including last week’s indictment of a Google employee, the Department of Justice has made clear that it will pursue insider trading type cases wherever (i) confidential data moves prices, and (ii) a duty-bound actor exploits that data for trading advantage, even outside the securities laws. Prediction markets and crypto platforms appear to be the primary testing ground for this expanded enforcement theory

The Securities and Exchange Commission (SEC) has undertaken additional steps to negate the Biden administration’s rulemaking with respect to ESG principles.

When an AI system is trained on material nonpublic information, MNPI, and then used to inform or execute trades, the firm deploying that system may face insider trading liability, even if no human trader ever directly reviewed the underlying data. The SEC has not yet brought a case on this precise theory, but recent enforcement actions, particularly its 2023 settlement with Virtu Financial, establish the compliance framework most likely to govern AI-driven trading. The legal risk is no longer hypothetical.

In this episode of Tools of the Trade, Jon sits down with Ryan VanGrack, president of legal and head of litigation at Coinbase, to explore his journey from public service...

On June 4, 2026, in Sripetch v. SEC, the U.S. Supreme Court unanimously held that the SEC may obtain disgorgement of a defendant’s ill-gotten gains in a civil enforcement action without proving that investors suffered...

College athletics has entered a distinct capital-formation phase following the House v. NCAA settlement, with institutions now competing through economic ecosystems capable of funding athlete acquisition, roster retention, and NIL opportunities.

SEC Chair Paul Atkins has announced a proposal to modernize outdated rules that currently impede public companies from conducting registered offerings efficiently.

The U.S. Securities and Exchange Commission has proposed a complete rescission of its landmark climate-related disclosure rules adopted in March 2024, citing concerns about regulatory overreach and unjustified compliance costs. This development represents a dramatic reversal in federal environmental disclosure policy, influenced by recent Supreme Court decisions that curtailed agency deference and raised questions about the SEC's statutory authority. Companies that invested in climate reporting infrastructu

The SEC has formally proposed to rescind its comprehensive climate-related disclosure rules adopted in March 2024, citing concerns about statutory authority and regulatory overreach. This proposal would eliminate all mandated climate disclosure requirements for public companies, including greenhouse gas emissions reporting, climate risk assessments, and financial statement disclosures related to severe weather events.