Billionaire Elon Musk and cryptocurrency supporter Marc Cuban challenged the SEC’s practice before the Supreme Court, arguing that it violated US law.
Mark Cuban and Elon Musk knocked on the door of the US Supreme Court and asked about the decision mechanism of the Securities and Exchange Commission (SEC). in complaint found. Billionaire duo appeal to Supreme Court Questioning the legitimacy of in-house proceedings a common amicus brief They presented.
Amicus brief is about a specific issue. expressing the opinion of third parties It means petition.
In the submitted petition, the SEC is a sole judge, jury And decision giver in this situation where he takes on the roles leads to inconsistent results emphasized.
In the statement, the SEC without a jury vote It was stated that the decision-making mechanism resulted in different individuals getting different results on the same issue.
On the other hand, Musk and Cuban, 2013 and 2014 They claimed that there has been a visible change in the SEC’s attitude over the years. According to the duo’s petition, the SEC has been instead of federal courts started to handle more cases within its own body, and with it more legal problem happened.
This legal challenge by the billionaire duo SEC And Linked to George R. Jarkesy case It was presented as. Jarkesy, in the case in question, SEC governed by one authority without a jury Stating that this situation is managed as a decision mechanism constitution with the provisions He claimed that it was contradictory.
In the statement made by Musk and Cuban’s lawyers, it was stated that the SEC’s current administrative actions lead to unequal results for the defendants:
The SEC’s insistence on administrative proceedings while federal court juries are present is contrary to the agency’s mission and harms the investors and markets that the SEC is responsible for protecting.