BRAEDEN ANDERSON
This work began as one lawyer writing carefully about issues he studies and practices.
It now reaches over a million readers, alongside 20,000 newsletter subscribers and 160,000 YouTube followers.
Thank you for being part of this community.
Looking for something specific?
The full Anderson Insights archive is now searchable. Use the search bar to find past content by topic, agency, or keyword. Try searching: “SEC v. Jarkesy,” “ATS regulation,” “custody” or “digital assets”
Hi, I’m Braeden.
I'm a partner at Gesmer Updegrove LLP, where I lead the Securities Regulatory and Enforcement and Digital Assets practice areas. I’ve served as Assistant General Counsel at Robinhood, practiced at Kirkland & Ellis and Sidley Austin, and represented clients in high-stakes matters before the SEC, DOJ, FINRA, and state regulators.
I write and make content for people who don’t have time to guess: founders, lawyers, regulators, and smart operators who know better than to rely on Google or the AI answer without context.
I've been recognized by U.S. Best Lawyers: Ones to Watch® for Financial Services and Securities Regulation, and listed in Marquis Who’s Who in America for contributions to law and public service.
Enjoy the content. I hope you find what you’re looking for. And if you want to talk something through, don’t hesitate to reach out. I’d love to hear from you. It’s really cool when readers become clients.
Supreme Court's Landmark Ruling in SEC v. Jarkesy: Implications for SEC Enforcement and Administrative Adjudication
On June 27, 2024, the U.S. Supreme Court issued a groundbreaking opinion in SEC v. Jarkesy, which fundamentally alters the landscape of securities enforcement and administrative adjudication. The Court’s decision unequivocally declared unconstitutional the SEC’s use of its in-house administrative courts to levy civil penalties in securities fraud cases. This ruling not only challenges the SEC’s procedural practices but also raises profound questions about the authority of federal agencies to seek similar forms of administrative relief.
Cybersecurity Alert: FINRA Update on CrowdStrike IT Service Disruption
FINRA has issued a cybersecurity alert concerning a recent CrowdStrike service outage that has impacted Microsoft operating systems. This disruption, which began on July 19, 2024, is linked to a software update affecting CrowdStrike’s Falcon software. The Cyber and Analytics Unit (CAU) within FINRA’s Member Supervision program is actively monitoring the situation.
Navigating FINRA’s Updated Policy on Recording Calls and Meetings
FINRA has issued Regulatory Notice 24-10, reminding members of its longstanding policy prohibiting the recording of conversations between FINRA staff and member firm personnel during oversight-related calls or meetings. This policy extends to both audio and video recordings and includes all related technologies. The Notice underscores the continued relevance of this policy amidst technological advancements that facilitate recording and transcription.
Understanding FINRA's Membership Application Program: A Guide to Joining the Broker-Dealer Industry
In the world of securities trading, the Financial Industry Regulatory Authority (FINRA) plays a crucial role in maintaining market integrity and protecting investors. One of the key components of this oversight is FINRA’s Membership Application Program (MAP). Here, we delve into what MAP entails, the process firms must go through to gain membership, and the role it plays in safeguarding the industry.
FINRA Provides Update on Member Firms’ Crypto Asset Activities
As part of its regulatory mandate to safeguard investors and uphold market integrity, FINRA is addressing the evolving landscape of crypto asset activities conducted by its member firms. Crypto assets—commonly referred to as digital assets—encompass a range of items issued or transferred using blockchain technology. These include virtual currencies, coins, and tokens, which may or may not qualify as “securities” under federal laws.
Regulatory Notice 24-11: Updated Interpretations of FINRA’s Margin Rule
FINRA has announced an important update to the set of interpretations for its Margin Rule, FINRA Rule 4210. These updated interpretations, now effective, are available on the FINRA website. To help member firms navigate these changes, FINRA has also released a comprehensive guide. This guide includes a text comparison with the previous interpretations, published on October 27, 2021, and provides additional information about the updates.
FINRA’s Landmark Action on Social Media Influencer Programs
In a significant development, FINRA has imposed an $850,000 fine on a financial services firm for violations related to its use of social media influencers. This marks the first enforcement action by FINRA concerning a firm's supervision of social media influencer activities.