BRAEDEN ANDERSON
This work began as one lawyer writing carefully about issues he studies and practices.
It now reaches over a million readers, alongside 20,000 newsletter subscribers and 160,000 YouTube followers.
Thank you for being part of this community.
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”
Hi, I’m Braeden.
I'm a partner at Gesmer Updegrove LLP, where I lead the Securities Regulatory and Enforcement and Digital Assets practice areas. I’ve served as Assistant General Counsel at Robinhood, practiced at Kirkland & Ellis and Sidley Austin, and represented clients in high-stakes matters before the SEC, DOJ, FINRA, and state regulators.
I write and make content for people who don’t have time to guess: founders, lawyers, regulators, and smart operators who know better than to rely on Google or the AI answer without context.
I've been recognized by U.S. Best Lawyers: 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.
Enjoy the content. I hope you find what you’re looking for. And if you want to talk something through, don’t hesitate to reach out. I’d love to hear from you. It’s really cool when readers become clients.
Regulation A and the Role of Finders: A Fresh Look at an Old Dilemma
The SEC’s Small Business Capital Formation Advisory Committee will convene on July 22, 2025, to revisit two of the most important—yet perennially underdeveloped—components of the U.S. private capital markets: Regulation A and the regulatory treatment of “finders.” Both topics go to the heart of one of the SEC’s toughest policy challenges: how to responsibly expand capital access for small and emerging businesses without sacrificing investor protection.
Choosing the Right Cap Table Platform: A Guide for Entrepreneurs
A well-maintained cap table is the unsung hero of a successful startup. It’s not just a table—it’s a complete, precise, and evolving record of your company’s ownership structure, from shares and options to complex vesting schedules and SAFE notes. Your cap table reflects each owner’s economic interest, voting rights, and claim to future profits. And when managed correctly, it’s a core asset that keeps your company’s foundations rock-solid, allowing you to focus on growth without fear of surprises or costly fixes down the road.
Companies Seeking Capital—Be Wary of “Consultants” and “Finders”
For smaller companies and startups seeking to raise capital, encountering consultants or “finders” who promise to connect them with potential investors is common. While these individuals may offer valuable introductions, companies must carefully consider the legal framework surrounding these services. Engaging unregistered individuals in capital-raising activities can lead to regulatory and legal consequences that can jeopardize the success of the funding round and the company’s future growth. However, a legally compliant path exists for certain “finders” to operate without triggering registration as a broker-dealer.
Regulatory Update and Recent SEC Actions – October 2024
October 2024 has seen the Securities and Exchange Commission (SEC) continue its aggressive enforcement actions and regulatory updates, targeting a wide range of issues from improper record-keeping to non-compliance with new marketing rules. This month also saw key personnel changes within the SEC, the disbandment of the Climate and ESG Task Force, and the adoption of rules affecting venture capital funds and registered investment companies. Below are the highlights of recent SEC actions and regulatory developments.
SEC Updates Dollar Threshold for Qualifying Venture Capital Funds: What It Means for the Industry
On August 22, 2024, the Securities and Exchange Commission (SEC) adopted a new rule that updates the dollar threshold for a fund to be considered a "qualifying venture capital fund" under the Investment Company Act of 1940. The rule raises the threshold from $10 million to $12 million in aggregate capital contributions and uncalled committed capital, reflecting inflation adjustments mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.