There are multiple constitutional challenges pending in the federal courts that threaten the administrative procedure for disciplinary actions before the SEC and FINRA. The Supreme Court has ruled that SEC administrative law judges must be appointed by the Commission or the President. And the Fifth Circuit Court of Appeals has ruled that any administrative proceeding before an ALJ unconstitutionally violates a respondent's Seventh Amendment right to trial by jury. An affirmance of the Fifth Circuit's decision in Jarkesy could upend the entire system of administrative law judges for the SEC.