By: A. Asad Imam The National Association of Realtors (NAR) reached a nationwide settlement on claims alleging that the real estate industry had engaged in anti-competitive practices by keeping buyers’ agent’s commissions high – a per se violation of the Sherman Act (the “Act”).[1]  The case, Burnett v. National Association of Realtors alleged price-fixing and…

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By: Cassy Sulzer On February 6, 2024, The Securities and Exchange Commission (“SEC”) implemented two new rules in the Securities Exchange Act of 1934 (“the Act”): Rule 3a5-4 and 3a44-2.[1] These rules introduce ambiguity regarding the classification of individuals as “dealers” or as “traders,” crucial for determining registration requirements with both the SEC and self-regulatory…

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By: Leo Garonski Under the Civil Aeronautics Act of 1938, Congress significantly subsidized airlines and created the Civil Aeronautics Board to prevent restraints of trade, designate airlines routes, and control seat prices.[1]  The Act also required that U.S. citizens own at least three-quarters of each U.S.-based airline.[2]  The U.S. airline industry inflected on cost and…

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By: Olivia Woodmansee From 1999 to 2021, the national rate for deaths caused by drug overdose increased by more than sixfold; this increase is in part due to the actions of the Sackler family and Purdue Pharma LP (“Purdue”).[1] Despite knowing of the harmful and addictive effects of opioids, specifically OxyContin, Purdue continued to engage…

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By Elizabeth Carroll On February 28, 2024, President Biden signed Executive Order 14117[1] on “Preventing Access to Americans’ Bulk Sensitive Data and United States Government-Related Data by Countries of Concern.”  The Executive Order delegates authority to the Department of Justice to create regulations that restrict access by “countries of concern” to Americans’ bulk sensitive personal…

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By: Hannah Lief Alpine Securities Corporation (“Alpine”), a broker-dealer, is challenging the delegation of authority by the Securities and Exchange Commission (“SEC”) to Financial Industry Regulatory Authority (“FINRA”) in Alpine Securities Corp. v. Financial Industry Regulatory Authority, Inc.[1] The lawsuit arises out of Alpine’s constitutional challenge to FINRA’s enforcement of securities regulations.[2] During district court…

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By: Sarah Benjamin The Antiquities Act, which was passed in 1906, gives Presidents broad discretion to designate areas as National Monuments and thereby take them out of use for commercial industries and set them aside for the sole purpose of public recreation and enjoyment.[1] Since the Act’s passage, various Presidents have designated nearly 100 million…

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By: Julie Chung The rise in cryptocurrency usage and sales confused the traditional securities and financial space. The Securities and Exchange Commission (“SEC”) typically exercised regulatory oversight to protect investors in the capital markets.[1]Cryptocurrencies have notably dodged financial regulators like the SEC with virtual currencies and sophisticated payment systems structured to avoid financial regulation.[2] Cryptocurrencies…

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By: Liam Sullivan Last month, SEC Commissioners adopted new rules regarding special purpose acquisition companies (SPACs), concluding a years-long effort to increase transparency and protections around investments in SPACs and the acquisition (de-SPAC) and initial public offering (IPO) of existing companies using this investment vehicle. The SEC turned a critical eye towards SPACs during a…

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