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So you request a jury trial. I don’t get what your point is. Its a civil penality because the SEC isn’t a law enforcement agency and it enforces regulations. Regulations have been around since George Washington was president when the Whiskey Act was passed allowing the government to form regulations on taxing whiskey including levying fines on people.

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You couldn’t “request a jury trial”. That was the point of the suit.

Yes, civil penalties are a thing. But the argument that prevailed was that this was not a penalty for speeding or not paying enough tax, this was a penalty for alleged actions that amounted to common law fraud & Congress can’t delegate the adjudication of common law—civil or criminal—to an administrative agency.

And regulations are still enforceable. What is not enforceable is to make a regulation that parallels an existing law, and deny a federal trial because it’s now a “regulation”.

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