Did you really sell your company for $35 million? A buyer agrees to pay $25 million for a business. The seller negotiates an additional $10 million earnout tied to future performance. Everyone leaves the closing table feeling good about the economics. Celebrations and closing dinners commence. Then, months or even years later, the parties discover […]
Interview with Dr. Josh Sigsworth, PT, DPT, Founder & CEO of StairAssist Walker Tell Us About Your Journey 2009 at Baylor University Medical Center when I was a student. I was a young doctor, a physical therapy student, very excited to treat all these different patients on an orthopedic floor, lots of leg fractures, hip […]
Founders and early-stage investors routinely spend months negotiating valuation, governance rights, liquidation preferences, and dilution protections. Then, years later, when a company finally reaches a successful exit, many discover they overlooked one of the most valuable economic terms in the entire deal: whether the corporation’s stock qualifies for the capital gain exclusion under the “Qualified […]
The CFTC’s latest enforcement action against a Google employee for alleged insider trading on Polymarket marks another significant step in the Commission’s effort to apply traditional market abuse principles to prediction markets and event contracts.
Interview with Erik Degiorgi, Founder and CEO of NetSpeek Tell Us About Your Journey Yeah, it’s definitely a bit circuitous. I’ve worn quite a few hats in my adult life, but I’ve always been really interested and building things. So I spent some time early on as a young man in the military, and then I got out, and […]
When an AI system is trained on material nonpublic information, MNPI, and then used to inform or execute trades, the firm deploying that system may face insider trading liability, even if no human trader ever directly reviewed the underlying data. The SEC has not yet brought a case on this precise theory, but recent enforcement […]
Prediction markets were once on the margins of financial innovation, but that era is over. Sports-linked event contracts have become the flashpoint for a rapidly escalating conflict between federal commodities regulators, state gaming regimes, and the multibillion-dollar sportsbook industry. The dispute is often characterized as a preemption fight, and in one sense it is. But […]
SEC Chair Paul S. Atkins’ recent remarks on Nov. 12, 2025 at the Federal Reserve Bank of Philadelphia signal one of the most constructive regulatory developments the digital asset industry has seen in years. His “Project Crypto” framework reflects a meaningful shift toward clarity, predictability, and principled application of the federal securities laws. For innovators, […]
I. Introduction In Handal v. Innovative Industrial Properties, Inc., No. 24-cv-28289, 2025 U.S. App. LEXIS 26763, 2025 WL 2922871, (3d Cir. Oct. 15, 2025), the United States Court of Appeals for the Third Circuit (the “Court”) reaffirmed what constitutes misleading statements actionable under Section 10(b) of the Securities Exchange Act of 1934 (Section 10(b)) and […]
SEC Chairman Paul S. Atkins has signaled a shift in how the Commission approaches the Wells process, announcing a series of procedural refinements aimed at standardizing and clarifying how the SEC handles pre-enforcement notice and response. In his keynote address at Fordham Law School’s 25th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities, and Financial […]
On September 26, 2025, Chairman Paul S. Atkins of the U.S. Securities and Exchange Commission (SEC) announced that the Commission will restore its prior practice of simultaneous consideration of settlement offers and related waiver requests in enforcement actions. The policy change reverses a 2021 decision under prior leadership that had required waiver requests to be […]
On September 30, 2025, SEC Commissioner Mark T. Uyeda issued an important update on the Commission’s ongoing efforts to implement the Treasury Clearing Rule, a major regulatory initiative aimed at enhancing the resilience and transparency of the U.S. Treasury market. The statement outlined recent progress, identified remaining open questions, and encouraged continued engagement from market […]
On September 2, 2025, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Trading and Markets and the U.S. Commodity Futures Trading Commission’s (“CFTC”) Divisions of Market Oversight and Clearing and Risk (together, the “Divisions”) issued a joint staff statement (the “Joint Statement”) as part of a new cross-agency initiative titled Project Crypto–Crypto Sprint.1 Project […]
Recent leadership changes at the Securities and Exchange Commission may signal a recalibration of how Advisers Act Rule 206(4)-8 is enforced. With Chairman Paul Atkins back at the helm, the Commission’s long-standing reliance on a negligence-based standard could soon come under review. Background: Goldstein and the Adoption of Rule 206(4)-8 Rule 206(4)-8 was adopted in […]
The U.S. Securities and Exchange Commission announced it will host a public roundtable on September 18, 2025, to re-examine the Order Protection Rule (Rule 611 of Regulation NMS) and its parallels in the listed options markets. The discussion will center on the rule’s “trade-through” prohibitions, which require trading centers to implement reasonable policies and procedures […]