Waymaker’s Supreme Court Amicus Brief Profiled in Law360

On November 19, 2025, Law360 profiled the amicus briefs filed by organizations including Waymaker client California Alternative Investments Association (CalALTs), in the matter of SEC v. Sripetch, No. 25-266, in which the Ninth Circuit upheld a disgorgement judgment against defendant Sripetch even though there was no proof of pecuniary loss to victims. Axel highlighted that the case has significant implications for her client and the alternative investment sector, telling Law360, “There is no doubt that SEC policies such as pursuing disgorgement in strict liability registration cases where no investor has been harmed have chilled growth in the United States in alternative investments, like crypto.”

The Waymaker amicus brief in Sripetch comes on the heels of another amicus brief the firm filed for CalALTs in SEC v. Barry in the Ninth Circuit, No. 23-2699. Waymaker’s CalALTs briefs argue that the Ninth Circuit’s holding “heightens the stakes” for asset promoters and managers by transforming disgorgement from its traditional equitable remedy into something closer to a punitive measure. CalALTs joins the Cato Institute in support of a call for the U.S. Supreme Court to resolve a circuit split over the SEC’s disgorgement powers.

The briefs emphasize that “sanctioning the SEC’s disgorgement authority without a finding of pecuniary harm will produce inequitable and destabilizing consequences, including chilling innovation in the alternative investment sector, which will deprive U.S. investors of novel investment opportunities.”

The Sripetch and Barry cases raise fundamental questions about regulatory balance – protecting investors while fostering innovation and growth in emerging asset classes.

The Waymaker team includes Axel, James, and Associate Viviana Andazola Marquez.