In a recent development, prominent figures including Elon Musk and Mark Cuban have filed an amicus curiae brief challenging the US Securities and Exchange Commission (SEC). The brief questions the SEC’s use of administrative proceedings instead of jury trials, raising concerns about the constitutionality of their practices. The group argues that the SEC’s inconsistent approach to jury trials violates defendants’ rights and may result in unequal legal outcomes. They also criticize the SEC for engaging in “forum shopping,” potentially prosecuting similar cases differently. The amicus brief emphasizes the damage to the SEC’s credibility and calls for a reevaluation of their litigation approach.John E Deaton, a lawyer supporting the pro-XRP movement, expresses his satisfaction with Musk and Cuban’s actions. Deaton criticizes the SEC’s narratives and raises concerns about conflicts of interest within the agency. He advocates for a complete restructuring of the SEC, including the implementation of term limits in Congress and legislation to prevent regulators from immediately working for the companies they regulate. Deaton warns that the problem has become so widespread that regulators now openly violate conflict laws.The article does not provide any specific trading information.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Elon Musk, Manouch Moshayedi, Phillip Goldstein, Nelson Obus, Mark Cuban
Companies	Investor Choice Advocates Network (ICAN), SEC, A16z, Apollo Group
Currencies	XRP
Securities	None