A man wearing a blue suit with a white shirt and a tie, with his arms crossed, smiling and standing against a plain background.

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.

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”

K. Braeden Anderson K. Braeden Anderson

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.

Read More