The Fifth Circuit’s recent decision in Jarkesy v. SEC has deep ramifications for the SEC that build off other recent decisions reasserting constitutional limitations on the SEC’s authority. The Jarkesy court declared that SEC enforcement proceedings before an administrative law judge (ALJ) violate the Seventh Amendment’s jury-trial guarantee, that Congress unconstitutionally delegated legislative authority to the SEC when it authorized the SEC to pursue administrative enforcement proceedings and that statutory restrictions on the removal of SEC ALJs violate the Constitution. The case could reshape the SEC’s enforcement priorities and opens the door to a number of additional strategic considerations for defendants targeted by the SEC. In a guest article, MoloLamken attorneys Eric R. Nitz and Allison Mileo Gorsuch identify the key takeaways and forecast the decision’s impact on future SEC enforcement efforts. See “Fifth Circuit Decision Could Hamstring SEC Enforcement Abilities” (Jun.22, 2022).