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5 days ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
President Trump signed on February 10 an executive order (the “Executive Order”) directing the U.S. Attorney General over the next 180 days to (i) review the guidelines and policies governing investigations and enforcement actions under the Foreign Corrupt Practices Act (“FCPA”), (ii) review existing FCPA investigations and actions, and (iii) cease initiation of any new such investigations and actions.
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5 days ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
On April 25, 2025, the SEC Staff issued two new Compliance and Disclosure Interpretations (C+DIs) with respect to Rule 10b5-1.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Tenure voting rights, which grant increased voting power to long-term shareholders, reward duration, stability, and strategic patience. They allow founders and insiders to maintain control while accessing public capital. And when structured carefully, they can help create a shareholder base aligned with long-term corporate goals, reducing speculative behavior and fostering strategic stability. But tenure voting is not just about who holds power—it’s about when they do so, and for how long.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Welcome to the penultimate day of the SEC’s 31st International Institute for Securities Market Growth and Development. Before I begin, as I am sure you anticipate based on what you have heard from many SEC speakers this week, my views are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners. The Institute’s longevity signals the importance of capital formation and the development of capital markets.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
In April 2025, the landscape of U.S. crypto regulation shifted significantly. Three of the country’s principal bank regulators – the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) – jointly moved to relax or rescind longstanding restrictions on banks engaging with digital assets.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
In a major development for businesses subject to state data privacy laws, eight state privacy regulators have joined forces to form the “Consortium of Privacy Regulators,” a bipartisan coalition aimed at coordinating enforcement and protecting consumer privacy through collaboration. The announcement, made by the California Privacy Protection Agency (CPPA) on April 16, 2025, represents a new era of multistate cooperation in the enforcement of comprehensive consumer privacy laws.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
In a new article, we investigate how prediction markets—digital platforms designed originally for distilling dispersed knowledge into accurate forecasts—are steadily morphing into what look and feel like online gambling venues. That shift creates a regulatory puzzle, with consequences for market efficiency, consumer welfare, and financial oversight.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Good morning. Today is the sixth-year anniversary of the first-ever meeting of the Small Business Capital Formation Advisory Committee.[1] Since that initial meeting, I have followed the discussions and recommendations by this Committee from outside the agency. Now it gives me great pleasure to have the opportunity to address this Committee for the first time as Chairman of the SEC.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
Pay-for-performance is often championed as a possible solution to agency problems, aligning managers’ incentives with shareholder interests. But what happens when solving one agency problem creates another – between the firm and society? In a recent paper, we develop a model to study how a firm’s choice of governance framework—the array of mechanisms it employs to mitigate agency problems – shapes its production decisions and the resulting externalities.
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1 week ago | 
clsbluesky.law.columbia.edu | John Coffee |Hillary Sale |Susan Morse |Miriam Baer
On April 30, 2025, the Department of Justice’s (“DOJ”) National Security Division (“NSD”), alongside the U.S. Attorney’s Office for the Northern District of California, announced a declination to prosecute Universities Space Research Association (“USRA”) for criminal export control violations committed by a former employee. This marks only the second declination issued by NSD under its Enforcement Policy for Business Organizations (the “Policy”), following voluntary self-disclosure.
