Earlier this month, the U.S. Supreme Court issued a procedural decision that has the potential to dismantle the Securities and Exchange Commission's ability to litigate cases administratively. On April 14, 2023, the Supreme Court ruled in a consolidated opinion in Axon Enterprise Inc. v. Federal Trade Commission that certain constitutional challenges to SEC administrative enforcement actions can be brought directly in federal district court. The Supreme Court thus permitted respondents to bypass the in-house agency adjudication process and expedite federal judicial review of constitutional challenges to the agency's proceedings.