BRAEDEN ANDERSON

Welcome to Anderson Insights.

We provide authoritative analysis on securities and commodities regulation, SEC and FINRA enforcement, and legal developments affecting crypto, digital assets, fintech, and financial services, authored by Braeden Anderson.

Please enjoy our legal writings. If you want to talk anything through, send Braeden an email.

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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”

K. Braeden Anderson 2/20/26 K. Braeden Anderson 2/20/26

The SEC Division of Trading and Markets Crypto FAQs: Operational and Structural Implications

The SEC Division of Trading and Markets updated its crypto FAQs on February 19, 2026 to add new net capital guidance for “payment stablecoins.” Specifically, the staff states it will not object if a broker-dealer treats a proprietary position in a qualifying payment stablecoin as having a “ready market” under Rule 15c3-1 and applies a 2% haircut to the market value of the greater of the long or short position.

K. Braeden Anderson 2/19/26 K. Braeden Anderson 2/19/26

“Number Go Down” and Other Schadenfreude: The SEC at ETHDenver

SEC Chairman Paul Atkins and Commissioner Hester Peirce used their ETHDenver 2026 remarks to outline the SEC’s evolving approach to crypto regulation, including a possible innovation exemption for tokenized securities, new guidance on investment contracts, and planned rulemaking on custody and transfer agent modernization. This post summarizes what they said and what it signals for crypto issuers, exchanges, broker-dealers, and blockchain developers.

K. Braeden Anderson 1/30/26 K. Braeden Anderson 1/30/26

CFTC Chair Selig Signals New Strength on Prediction Markets After Industry Commentary Calls for Backbone

Backbone confirmed. In a development that underscores the accelerating evolution of financial innovation policy, Commodity Futures Trading Commission Chairman Michael S. Selig has publicly articulated a significant shift in the agency’s posture on prediction markets — just days after my commentary highlighted expectations for decisive leadership.

K. Braeden Anderson 1/29/26 K. Braeden Anderson 1/29/26

The SEC’s New Taxonomy for Tokenized Securities: Same Law, New Plumbing

On January 28, 2026, staff from the SEC’s Divisions of Corporation Finance, Investment Management, and Trading and Markets published a joint statement aimed at one thing: forcing the market to be precise about what, exactly, is being “tokenized.” What follows is our practitioner’s read: the taxonomy, the legal consequences that flow from each branch, and a compliance checklist for anyone building in the space.

K. Braeden Anderson 1/28/26 K. Braeden Anderson 1/28/26

Referral Programs, Finders Fees, and Interval Funds: How to Grow Without Triggering Broker-Dealer or Marketing Rule Landmines

Fintech founders love referral programs for the same reason regulators are skeptical of them: incentives work.

If you are offering an interval fund direct-to-consumer (especially on a “self-distributed” model), a well-designed incentive program can become your most efficient acquisition channel. The wrong program, or the right program implemented the wrong way, can create problems fast: unregistered broker activity, improper compensated solicitation, and RIA Marketing Rule violations, often all at once.

This article is meant to help you spot the issues early, frame the choices, and understand why “just pay people for referrals” is not a clean concept in the securities world. It is not a blueprint you can copy-paste into your business. The details matter, and the compliance architecture matters even more.

Featured

Braeden Anderson

K. Braeden Anderson serves as a Partner at Gesmer Updegrove LLP, where he leads the firm’s Blockchain & Digital Assets and Securities Enforcement & Investigations practices. He also chairs Mackrell International’s Blockchain & Digital Assets Group and its Securities Enforcement & Investigations Group.

Named to Best Lawyers: Ones to Watch® in America (2025) for Financial Services Regulation Law and Securities Regulation, Mr. Anderson has built a national reputation as a securities regulatory and enforcement attorney operating at the intersection of traditional finance and emerging technologies. His practice focuses on advising financial institutions, fintech companies, investment advisers (including robo-advisors), broker-dealers, trading platforms, and digital asset companies in complex regulatory, enforcement, and compliance matters before the SEC, CFTC, FINRA, DOJ, and state regulators.

Within the digital asset and blockchain space, Mr. Anderson regularly counsels clients on issues involving market structure, tokenization, robo-advisor and broker-dealer registration, custody frameworks, AML and KYC obligations, and secondary trading considerations for regulated assets. His work spans both established financial institutions and early-stage ventures, helping clients operate within rapidly evolving regulatory environments with precision and strategic clarity.

Mr. Anderson also represents professional athletes and sports organizations in connection with regulatory and investigative matters requiring careful handling and discretion.

Prior to joining Gesmer, Mr. Anderson founded a Washington, D.C.-based law firm. He previously served as Assistant General Counsel at Robinhood Markets, Inc. (HOOD), where he advised on significant regulatory and enforcement matters. Earlier in his career, he practiced at Kirkland & Ellis LLP and Sidley Austin LLP in New York and Washington, D.C., representing clients in matters involving major federal enforcement authorities and providing regulatory advice on complex financial matters.

Mr. Anderson is an active contributor to the national conversation on securities and digital asset regulation. He publishes a widely followed weekly newsletter that has reached millions of legal and financial professionals and produces video content on YouTube for an audience of over 160,000 subscribers. He is also the editor of this legal publication, Anderson Insights, where he provides in-depth analysis for regulators, in-house counsel, and compliance professionals.

Mr. Anderson is also the creator of The Long Game with Braeden Anderson, a new digital series on YouTube exploring the intersection of golf, discipline, and high-performance thinking, featuring match-play conversations with legal executives and business leaders.

He was recently recognized as the most-read fintech thought leader in the United States in Mondaq’s Spring 2025 Thought Leadership Awards.