Mr. Hall has been with Better Markets since its founding more than 10 years ago, and he serves as its Legal Director and Securities Specialist. His background includes extensive experience in securities and commodities regulation acquired through positions in the Federal government, private practice, and the nonprofit sector.

Mr. Hall oversees a highly accomplished legal team that files amicus briefs in important cases involving financial regulation; initiates litigation or intervenes in cases when necessary to advance the public interest; issues special reports on specific topics surrounding the law and financial regulation; and provides regulatory analysis in the areas of banking, securities, and consumer protection. And his team supports the work of other staff members at Better Markets as they fight for the public interest before the regulatory agencies.

Mr. Hall is one of Better Markets’ most prolific authors, having written or co-written more than 100 comment letters, reports and legal briefs in his nearly decade-long fight for the public interest at the organization.

A sought-after expert for his legal and regulatory expertise, Mr. Hall has testified before Congress and currently serves on the Commission on Sanctions and Fitness of the Certified Financial Planner Board of Standards.

Prior to joining Better Markets in early 2011, Mr. Hall served as Senior Counsel to the Committee on Financial Services of the U.S. House of Representatives. During the Conference leading to passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Mr. Hall worked on the titles dealing with securities and derivatives. He also handled other legislative initiatives relating to securities, including corporate governance, limited offering exemptions, the Freedom of Information Act, and the Securities Investor Protection Act.

From 2001 through 2009, Mr. Hall served as counsel to the North American Securities Administrators Association Inc. (NASAA), the association of state securities regulators. He supported all aspects of NASAA’s mission, including regulatory analysis, appellate advocacy, and enforcement. His written work included over 15 amicus briefs addressing a wide range of investor protection issues arising under State and Federal securities law, including four briefs filed in the U.S. Supreme Court. He also advised NASAA on corporate governance and transactional matters.

Mr. Hall began his legal career at the Commodity Futures Trading Commission, where he became Senior Trial Attorney and Associate Director of Enforcement. At the CFTC, he specialized in bringing injunctive actions in federal court against fraudulent commodity sales operations. And for almost a decade in private practice, he handled a wide range of civil litigation matters as well as transactional work in commercial real estate.

Mr. Hall is a graduate of the University of Michigan, and he received his law degree from Georgetown University.

Recent Quotes in the Media 

Federal appeals court allows prediction market Kalshi to offer US election betting (CNN)

Stephen Hall, legal director and securities specialist at Better Markets, a non-profit organization that advocates for financial reform, said the court’s order “makes this a sad and ominous day for election integrity in the United States.”

“The use of AI, ‘deepfakes’ and social media to manipulate voters and influence election outcomes has already become all too real. Ready access to an election gambling contract such as Kalshi’s will intensify that danger with the promise of quick profits,” he said in a statement.

US company pushing to legalize election betting (News Nation)

The general election is less than two months away, and Americans might be able to legally place bets on who they think will win the White House and other ballot races. …

Stephen Hall, the legal director of financial regulation organization Better Markets, thinks opening the door for election gambling could lead to more election inference, that it would “create powerful new incentives for bad actors to interfere with our elections and sway voters outside of the democratic process.”

State pension funds eye crypto investments, cheered on by lobbyists (Washington Post)

“You’re talking about an investment based on an extremely speculative, extremely volatile cryptocurrency … and a marketplace that’s just infused with manipulation and fraudulent uses.”

Wall Street Watchdog Backs SEC In Texas Crypto Market Suit (Law 360)

“But the crypto markets haven’t actually put forward any evidence that they’re contributing meaningful innovation. Instead, crypto has become a prized tool among criminal groups.”

“Innovation is not a defense against securities regulation.”