In SEC v. Jarkesy, No. 22-859, 603 U.S. __ (2024), the Supreme Court held that the Seventh Amendment prohibits the Securities and Exchange Commission (SEC or Commission) from seeking civil penalties in certain enforcement actions when the Commission chooses to proceed in-house before its own administrative law judges (ALJs), rather than in federal court. In a 6-3 opinion written by Chief Justice Roberts, the Court held that the Seventh Amendment requires, at a minimum, that any fraud action involving civil penalties be tried in front of a jury in federal court. The Court’s decision will have immediate implications for the SEC’s enforcement program and will likely have broader implications for administrative adjudications for a host of federal agencies and federal laws.…