Matt McGuire (mmcguire)

Chevron is overruled. Huge day for admin law (including current and future SEC cases trying to expand their statutory authority). “Courts must exercise their independent judgment in deciding whether an agency has acted within its statutory authority, as the APA requires.” Judges often default to soft deference to agencies even when not citing Chevron — this *should* help reduce that practice.

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SEC took another L today in Supreme Court (SEC v. Jarkesy). 7th amendment gives defendants a jury trial right in civil penalty cases involving federal securities fraud involving the SEC. Protects defendants’ rights and makes enforcement actions more costly/time consuming with a federal court process vs. the slimmed down admin prices. Basic point is federal securities fraud is analogous to common law fraud and therefore protected by the 7th Amendment. https://www.supremecourt.gov/opinions/23pdf/22-859_1924.pdf

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US Supreme Court cases today had big headlines: govt coercion of platforms and federal bribery for a local official. Decisions end up being great “in the legal weeds” guidance but less sexy. Murthy gives tons of standing guidance on traceability that both wings of Court agreed on. Critical for litigators. Snyder has a six factor test related to statutory interpretation. Fair notice appears though as factor six and worth a read for crypto litigators.

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Bring on the admin law challenges. Corner Post gives plaintiffs 6 years from when they’re injured by a final agency action to challenge it under the APA. New entrants to almost every regulated field can now raise arguments about existing (old) regs. Paired with end of Chevron + Jarkesy, that’s a monumental term.

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