Securities Enforcement. Investigations. Regulation.
Independent analysis of the laws, regulations, investigations, and enforcement actions shaping modern financial markets.
BRAEDEN ANDERSON
RECOGNITION AND LEADERSHIP
Braeden is one of the top securities lawyers in the country and was recognized by Best Lawyers: Ones to Watch® in America in the Financial Services Regulation Law and Securities Regulation categories. This honor is awarded to only the top 2% of attorneys in the United States and is based on a comprehensive peer-review survey.
Braeden helped lead Gesmer Updegrove to recognition in The Legal 500 United States for Corporate Investigations & White Collar Crime, Tier 3, and Finance: Fintech, Tier 4.
Braeden is active in the U.S. securities enforcement community through Securities Docket, where he has served on the 2025 and 2026 Advisory Boards and contributed video commentary through the Weekly Update.
Braeden was named the #1 United States author in FinTech in Mondaq’s Spring 2025 Thought Leadership Awards, reflecting the national reach and influence of his writing on fintech, securities regulation, and digital asset policy.
Supreme Court Preserves SEC Disgorgement Without Proof of Investor Loss
The Supreme Court’s decision in Sripetch v. SEC holds that the Securities and Exchange Commission does not need to prove investor financial loss to obtain disgorgement. The Court reasoned that disgorgement is measured by the wrongdoer’s gain, not the investor’s loss. The ruling resolves a circuit split involving the Second Circuit’s decision in Govil and the First and Ninth Circuits’ decisions in Navellier and Sripetch. The decision strengthens the SEC’s enforcement authority but leaves unresolved whether disgorgement under § 78u(d)(7) is a legal remedy requiring a jury trial after Jarkesy.
Privilege in the Age of AI: What Clients Need to Understand Before They Press “Submit”
The recent decision in United States v. Heppner should prompt every company, executive, founder, investor, and professional to revisit how they use artificial intelligence tools for legal and compliance issues. An AI platform is not a lawyer. Asking ChatGPT, Claude, Gemini, or any similar tool for legal guidance does not create an attorney-client relationship. It does not transform the user’s prompt into a privileged communication. And it does not place the exchange beyond the reach of prosecutors, regulators, civil litigants, or discovery subpoenas.
The New Fintech Executive Order Is a Signal to Regulators
President Trump’s May 19, 2026 Executive Order on fintech innovation directs federal financial regulators to reexamine whether their existing rules, guidance, supervisory practices, and application processes are unnecessarily slowing the integration of fintech firms, digital assets, and innovative financial technology into the regulated financial system.
17 CFR Part 229 Explained: Regulation S-K, SEC Disclosure Rules, Business Description, Risk Factors, MD&A, Cybersecurity, Executive Compensation, Exhibits, and Public Company Reporting
A practical guide to 17 CFR Part 229, Regulation S-K, the SEC’s narrative disclosure rules for business descriptions, risk factors, MD&A, cybersecurity, legal proceedings, non-GAAP measures, executive compensation, governance, exhibits, and public company reporting.
17 CFR Part 210 Explained: Regulation S-X, SEC Financial Statements, Auditor Independence, Acquired Business Financials, Pro Forma Financial Information, and Public Company Reporting
A practical guide to 17 CFR Part 210, Regulation S-X, the SEC’s rules for financial statements, auditor independence, accountants’ reports, acquired business financials, pro forma financial information, internal controls, and public company reporting.