Elon Musk, Mark Cuban and others have collaboratively submitted a shared amicus brief to the Supreme Court of the United States to raise concerns about the U.S. Securities and Exchange Commission’s (SEC) approach to conducting internal proceedings without the inclusion of juries.
Nonetheless, the amici curiae maintain a steadfast position, contending that opting for administrative proceedings over the option of federal court juries runs counter to the SEC’s stated mission. Furthermore, such decisions could potentially negatively impact investors and the markets the SEC is committed to protecting.
The context of this legal challenge centers around the SEC vs. Jarkesy case. George Jarkesy contends that his Seventh Amendment rights were violated in this specific case. He argues that the SEC’s internal adjudication process, which lacks a jury and is overseen by an administrative law judge appointed by the commission, contradicts these rights. This effectively results in a single entity fulfilling the roles of judge, jury and enforcer.
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