Circuit Split Brews Over Who's A Securities Seller Under Act

By Jeffrey L. Steinfeld and Daniel Aronsohn (April 29, 2024, 5:52 PM EDT) -- Section 12 of the Securities Act of 1933,[1] long thought of as a mere tagalong to Section 11,[2] has ballooned in significance in the last couple of years, especially in the context of alternative public offerings involving direct listings or digital assets....

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