Supreme Court's Potential Blow to SEC's Power and Trump's Administrative State Agenda

The Supreme Court is signaling support for a hedge fund manager, George Jarkesy, who claims that the Securities and Exchange Commission (SEC) violated his constitutional rights by using in-house judges instead of a jury to decide if he broke the law. This case has broader implications for the government's ability to enforce regulations and weaken the "administrative state." The conservative justices expressed skepticism towards the Biden administration's argument that securities fraud enforcement falls under the executive branch's enforcement role. The liberal justices were more sympathetic to the government's position. The decision, along with other cases before the court, is expected to be decided in the middle of next year's presidential election.