Academic leaders oppose provisions in the Responsible Financial Innovation Act

State regulators often serve as the first line of defense against fraud. NASAA recently sent a letter to Congress urging lawmakers to protect the authority of state securities regulators—a call backed by respected legal scholars and investor advocates. The message is clear: weakening state oversight in favor of blanket federal exemptions risks exposing investors, especially retail investors, to greater harm.

Twenty-eight academic leaders in securities and financial regulation are calling on Congress to reject provisions in the Responsible Financial Innovation Act of 2025 (RFIA) that would undermine the ability of state securities regulators to protect investors and combat fraud. In a letter to Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, the scholars urged lawmakers to preserve the critical role that states play in protecting investors as Congress considers new frameworks for digital asset regulation. Learn more: https://lnkd.in/eqj-vD-U

Congress is moving quickly on the Responsible Financial Innovation Act of 2025, but a new letter signed by 28 leading securities law scholars should not be overlooked. Their message, shared by NASAA, is straightforward: don’t sideline state regulators. For more than a century, state securities regulators have been on the front lines of investor protection—fighting #fraud, shutting down #scams, and providing transparency that investors rely on. Weakening their role now, especially as fraud grows more sophisticated, risks undermining those protections right when they’re most needed. At a time when many are eager to reduce the role of state regulators, it’s worth underscoring that NASAA’s position deserves serious attention. #InvestorProtection #Securities #MarketIntegrity #DigitalAssets #SEC

In a recent Law360 expert analysis, Partners Benjamin Neaderland, Paul W. Connell and Swain Wood examine the growing regulatory patchwork that financial firms must navigate given ongoing shifts in state and federal securities enforcement efforts. Read their full thoughts here.

𝐁𝐢𝐥𝐥 𝐭𝐨 𝐟𝐢𝐠𝐡𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐛𝐮𝐬𝐞 𝐫𝐞𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐝 𝐢𝐧 𝐒𝐞𝐧𝐚𝐭𝐞 The Financial Exploitation Prevention Act, which is designed to provide tools for combating financial abuse of older Americans, has been reintroduced in the Senate. Meanwhile, a House version of the legislation was approved by the House Financial Services Committee last week. Both bills would require the Securities and Exchange Commission to report on potential ways to stop exploitation. #CavalierAssociates #FinancialIntelligenceReport #ElderFinancialProtection #FinancialAbuseAwareness #RetirementSecurity

Article: Understanding Ipso Facto clauses and their Significance – By Adv. Sanjay Rakul Ragunath Citation: (2025) ibclaw.in 189 Art. In Essence, Bankruptcy or Comparable financial distress is regarded as a contract default, which allows the counterparty to cancel or amend obligations. Read here: https://lnkd.in/g6nuakgS 

Steptoe partner Benjamin Saul and associates Tarrian Ellis and Nathaniel Sans authored an article titled “CFPB Proposal Defining Consumer Risk May Add Uncertainty,” which appeared in Law360. The article explores how the CFPB’s proposed rule issued on August 26 would define “risks to consumers” under the Consumer Financial Protection Act as conduct likely to cause significant harm directly tied to consumer financial products or services, aiming to create a more consistent and limited framework for supervising nonbank entities.

Steptoe partner Benjamin Saul and associates Tarrian Ellis and Nathaniel Sans authored an article titled “CFPB Proposal Defining Consumer Risk May Add Uncertainty,” which appeared in Law360. The article explores how the CFPB’s proposed rule issued on August 26 would define “risks to consumers” under the Consumer Financial Protection Act as conduct likely to cause significant harm directly tied to consumer financial products or services, aiming to create a more consistent and limited framework for supervising nonbank entities.

Steptoe partner Benjamin Saul and associates Tarrian Ellis and Nathaniel Sans authored an article titled “CFPB Proposal Defining Consumer Risk May Add Uncertainty,” which appeared in Law360. The article explores how the CFPB’s proposed rule issued on August 26 would define “risks to consumers” under the Consumer Financial Protection Act as conduct likely to cause significant harm directly tied to consumer financial products or services, aiming to create a more consistent and limited framework for supervising nonbank entities.

Steptoe partner Benjamin Saul and associates Tarrian Ellis and Nathaniel Sans authored an article titled “CFPB Proposal Defining Consumer Risk May Add Uncertainty,” which appeared in Law360. The article explores how the CFPB’s proposed rule issued on August 26 would define “risks to consumers” under the Consumer Financial Protection Act as conduct likely to cause significant harm directly tied to consumer financial products or services, aiming to create a more consistent and limited framework for supervising nonbank entities.