The SEC’s case against Ally Invest is a reminder that “no fee” does not mean no conflict. When incentives shape portfolio design, advisers must say so clearly. A closer look at disclosure, fiduciary duty, and where robo-advisers get it wrong.

A federal jury delivered a split verdict in Pampena v. Musk, a rare securities class action tied to Elon Musk’s Twitter acquisition. The case highlights growing exposure around public statements, including social media, and their impact on stock prices during M&A transactions.

FINRA’s proposed amendments to Rule 2210 signal a meaningful evolution in broker-dealer communications, moving away from a categorical prohibition on performance projections toward a principles-based framework grounded in substantiation and disclosure. The proposal reflects both market realities and regulatory convergence, while placing renewed emphasis on rigor, transparency, and supervisory oversight.

The SEC’s 2026 interpretive framework on crypto does more than clarify how Howey applies, it introduces a long-missing concept into securities law: time. In Howey Reconstructed, we examine how the Commission reframes the investment contract as a dynamic condition rather than a static classification, and why that shift matters not just for digital assets, but for the future of securities regulation more broadly. The result is a more coherent, lifecycle-based approach that finally addresses when the securities laws stop applying.