The 5th Circuit just dismantled the SEC's power to enforce securities law. This decision is beyond radical. It is nihilistic.

Anyway, the implication of this decision is that most (all?) agency enforcement power is unconstitutional. Which, in plain English, means that the federal government can't enforce a huge swath of regulations. I mean, this is basically striking down the administrative state.

In 2016, then-professor Amy Coney Barrett cited this outcome—unraveling of the "administrative state"—as something correct-on-the-merits but impossible and would never happen

in 2016, Amy Coney Barrett published an academic article about so-called technically-wrong-but-impossible-to-reverse "super-precedent", in which in the *opening paragraph* she uses Brown v. Board of Education as an example

https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1619&context=jcl

Opinion
Matt Levine

Is the SEC Unconstitutional?
Also Wells Fargo fake interviews and the continuing Musk Twitter drama.

By Matt Levine
May 19, 2022, 1:29 PM EDT

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Matt Levine is a Bloomberg Opinion columnist covering finance. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit. @matt_levine