The U.S. Supreme Court’s decision in Axon Enterprise, Inc. v. Federal Trade Commission, 598 U.S. ____ (2023), allows federal district courts to consider constitutional challenges to administrative proceedings prior to the issuance of final rulings. The justices unanimously held that the statutory review schemes set out in the Securities Exchange Act and Federal Trade Commission Act do not displace a district court’s federal-question jurisdiction over claims challenging as unconstitutional the structure or existence of the Securities and Exchange Commission (SEC) or the Federal Trade Commission (FTC).
