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<ul><li>Elon Musk and Mark Cuban filed an amicus brief with the U.S. Supreme Court against the SEC&#39;s practice of internal, juryless trials.</li><li>The brief aims to overhaul the SEC&#39;s current administrative proceedings, asserting Seventh Amendment violations.</li><li>The action is linked to the SEC v. Jarkesy case, where the 5th Circuit previously sided with the plaintiff.</li></ul>Elon Musk, CEO of aerospace manufacturer Space X, and veteran American investor Mark Cuban have filed a <a href="https://t.co/XKUxENF7EH" rel="noopener noreferrer nofollow">joint amicus brief</a> with the U.S. Supreme Court, challenging the Securities and Exchange Commission&#39;s (SEC) practice of conducting internal trials without juries. The brief, which also garnered support from figures like Phillip Goldstein and Nelson Obus, aims to overhaul the SEC&#39;s current administrative proceedings. It asserts that the use of in-house judges in these proceedings violates the Seventh Amendment rights of defendants.The legal action is set against the backdrop of the <a href="https://www.uschamber.com/cases/administrative-law-and-government-litigation/sec-v-jarkesy" rel="noopener noreferrer nofollow">SEC v. Jarkesy case</a>. George Jarkesy, the plaintiff, claims that his Seventh Amendment rights were compromised by the SEC&#39;s internal adjudication process. The SEC&#39;s method involves an administrative law judge appointed by the commission, effectively consolidating the roles of judge, jury, and executioner. A previous ruling by the 5th U.S. Circuit Court of Appeals had <a href="https://news.bloomberglaw.com/banking-law/sec-in-house-hearing-violates-jury-trial-right-fifth-cir-says" rel="noopener noreferrer nofollow">sided with Jarkesy</a>, a decision now being appealed by the Biden administration.Musk&#39;s attorneys stated that the SEC&#39;s approach &#34;contravenes the protections&#34; guaranteed by the U.S. Constitution. They argued that the SEC, acting as the sole fact-finder determines both liability and punishment without involving a jury.Read full article at<a href="https://cryptotale.org/elon-musk-and-mark-cuban-team-up-to-challenge-secs-internal-trials/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Elon Musk and Mark Cuban Team Up to Challenge SEC's Internal Trials

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