BRAEDEN ANDERSON
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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.
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Arizona v. Kalshi: Criminal Enforcement and the Next Phase of the Prediction Market Reckoning
Arizona’s criminal charges against Kalshi mark a turning point in the regulation of prediction markets, escalating the conflict between federal commodities law and state gambling regimes. This article examines the legal and structural implications of the case, including preemption, CFTC authority, and the growing tension between derivatives markets and sportsbook regulation. As prediction markets continue to expand, this enforcement action may shape the future of event-based trading in the United States.
Rule 15c2-11 and the Cost of Regulatory Drift
The SEC’s proposed amendments to Rule 15c2-11 mark a long-overdue correction to years of regulatory uncertainty affecting fixed-income markets. By narrowing the rule’s scope to equity securities, the Commission is realigning its application with market reality and prior intent. This article breaks down what went wrong, why it matters, and what the proposal signals for future rulemaking and regulatory discipline.
The SEC Closes the Loop on Howey’s Application to Crypto
The SEC’s March 17, 2026 crypto guidance marks a turning point in digital asset regulation. By clarifying token classifications and, critically, when an investment contract begins and ends under Howey, the Commission introduces a lifecycle-based framework that brings long-awaited structure to the market. This article breaks down what the new interpretation means for crypto projects, investors, and regulatory strategy going forward.
The SEC’s New Enforcement Manual Signals a Procedural Reset in Securities Enforcement
On February 24, 2026, the SEC’s Division of Enforcement published a revised Enforcement Manual. This article is a clean-room, original discussion of the press release and the 2026 Enforcement Manual. It is also meant to sit naturally inside the enforcement “throughline” I have been building on Anderson Insights: the idea that enforcement outcomes are increasingly driven by (i) data and surveillance sophistication, (ii) procedural architecture, and (iii) the downstream consequences of resolutions, often more than the headline penalty itself.
Prediction Markets, Insider Trading, and the Return of First Principles
This piece analyzes the CFTC’s advisory confirming that prediction markets are regulated derivatives subject to anti-fraud and manipulation rules. Braeden Anderson explains how insider trading doctrines apply to event contracts and what this means for exchanges, fintech platforms, and sophisticated traders operating in evolving markets.