๐ฃHey #DeFi and #Web3 enthusiasts! The U.S. Supreme Court just gave the SEC a reality check! ๐๏ธ๐ฅ In a 6-3 vote, they ruled that SEC's use of in-house judges for enforcement is a no-no, violating the constitutional right to a jury trial. ๐ซโ๏ธ
Previously, the SEC could handle civil securities fraud accusations and levy penalties internally, thanks to the Dodd-Frank Act of 2010. But now, they'll have to rely on federal trial courts. ๐ฆ๐จโโ๏ธ
This could have ripple effects on other federal agencies too, like the NLRB, who also use internal processes for enforcement. ๐๐ข
Chief Justice Roberts said, "A defendant facing a fraud suit has the right to be tried by a jury of his peers before a neutral adjudicator." ๐ฃ๏ธ๐ฅ
But hey, don't worry! Associate Justice Gorsuch reassured that the SEC still has "ample powers and recourse." ๐ช๐ป๐จ
What do you think about this? Will this change the game for DeFi and Web3? Drop your thoughts below! ๐๐๐ #BlockchainNews #CryptoTwitter
P.S. This is not financial advice. Always do your own research. ๐ง๐