Should be noted this decision came from an Obama appointee judge in a fairly liberal district (SDNY). The Second Circuit is half Federalist Society judges, and six out of the nine SCOTUS justices have been on a consistent battle to roll back the power of the regulatory agencies. Pretty hard to see how the case becomes more favorable for the SEC on appeal.

Appellate courts set binding precedent, but district courts routinely look to eachother for guidance on how to rule on questions where there is no circuit/SCOTUS ruling.

Similarly, a judge in one circuit may look to the decision of a different circuit court when their own circuit has yet to rule on an issue.

The SEC would be dumb as hell to appeal this ruling, 2nd circuit could rule in the SEC’s favor but this Supreme Court?

I double dare the SEC to appeal

The commission might not exist the very next day and that would be hilarious, they’ll take it back to the New Deal itself and wonder why the SEC survived when so many other New Deal programs got overturned