The Stilwell and Peixoto complaints represent widely-shared skepticism about the constitutionality of the SEC’s administrative proceedings and, pending resolution of the issue by the appellate courts or the Supreme Court itself, the SEC may now find itself routinely having to justify the constitutionality of its in-house courts before district court judges.
via There’s No Place Like Home: The Constitutionality of the SEC’s In-House Courts | Orrick’s Securities Lit. and Reg. Enf. Blog