Elon Musk, Mark Cuban, with others, have collaboratively submitted a shared amicus brief to the Supreme Court, wherein they raise concerns about the Securities and Exchange Commission’s (SEC) approach to conducting internal proceedings without the inclusion of juries.
Mark Cuban, a billionaire crypto investor and DeFi advocate who actively engages in the cryptocurrency space, and Elon Musk, the CEO of Tesla and SpaceX, who recently reshaped Twitter into X and wields influence and controversy in crypto, both assert that these administrative proceedings produce disparate outcomes for individuals facing SEC charges. Consequently, this approach has raised concerns, particularly in light of the potential infringement on the Seventh Amendment right to a jury trial.
The context of this legal challenge centers around the SEC v. Jarkesy case. In this specific case, George Jarkesy contends that his Seventh Amendment rights were violated. 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.
