"There must be a lot of hope for Musk and Cuban to win, right? Yes, the SEC's actions are very disturbing."
Elon Musk and Mark Cuban have joined in delivering an amicus brief to the Supreme Court to question the Securities and Exchange Commission's (SEC) rules for conducting internal trials without a jury.
This is because such administrative proceedings have resulted in uneven decisions for SEC defenders.
Recently, plaintiff George Jarkesy alleged that his Seventh Amendment rights were compromised due to the internal court process without an SEC jury being chaired by an administrative law judge personally appointed by the United States (US) supervisory authority.
However, the SEC admitted in April 2022 that their agents had mistakenly accessed files in various cases, one of which was Jarkesy.
Musk and Cuban revealed that the SEC is starting to control more internally rather than in federal court after a series of unsuccessful insider trading cases before a jury.
Following the change, the SEC has introduced new regulations for public companies, so they can disclose data breaches within just four days.
Currently, the authorities are pressing the federal court to force Musk to provide information regarding the takeover of the social media platform Twitter which has now been named X.
However, Musk and Cuban remained firm as they pushed the judge to uphold his decision, with his attorney also saying choosing administrative proceedings over a federal court jury could harm investors including the crypto market.
