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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Robo-Advisers Under the Advisers Act: A Complete Framework for Building, Registering, and Governing a Digital Investment Adviser
Robo-advisers are not a regulatory shortcut. They are fully regulated investment advisers operating through code. While automation reduces human infrastructure, it embeds fiduciary duties, disclosure obligations, and compliance requirements directly into the platform. For fintech founders and financial institutions, success depends on designing systems that satisfy the Advisers Act at scale.
The $46 Million Crypto Theft Case Against John Daghita Exposes a Government Custody Failure
The DOJ’s indictment of John Dean Daghita for the alleged theft of $46 million in U.S. Marshals Service crypto assets reveals a deeper institutional breakdown: flawed custody design, concentrated authority, and a failure to apply basic financial controls to digital assets.
Why the Definition of “Small Adviser” Deserves a Second Look
The SEC’s definition of a “small investment adviser” hasn’t kept up with reality, and it shows in how rules are written and analyzed. Firms managing $150–300 million in AUM are still treated like large institutions, even though many are lean, founder-led operations navigating real compliance strain. A proposed shift to a $1 billion threshold is a step in the right direction, but without legislative backing, it may not stick. This piece breaks down why the definition matters, how it shapes regulatory outcomes, and what needs to happen next.
The Consolidated Audit Trail Enters a More Disciplined Phase
The SEC’s 2026 CAT amendment reduces costs, limits data retention, and introduces a spending cap. Key implications for broker-dealers and market structure.
A LinkedIn “Like,” Judicial Recusal, and the Limits of Appearance
A Securities Docket poll showing 85% support for judicial recusal has sparked renewed debate after Elon Musk’s legal team moved to disqualify a Delaware judge over a LinkedIn “like.” This piece examines how that poll reflects public sentiment, while contrasting it with the governing legal standards for recusal under Delaware law and key precedent like Liteky and Caperton. The result is a clear tension between optics and doctrine, with the law suggesting a far higher threshold for disqualification than the poll implies.
About the Author - Braeden Anderson is a partner at Gesmer Updegrove LLP, where he leads the Securities Regulatory and Enforcement and Digital Assets practice areas. Prior experience includes roles at Robinhood Markets, Inc., Kirkland & Ellis LLP, Sidley Austin LLP, Anderson P.C., and FINRA. He’s been nationally recognized by Best Lawyers in America: 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.