The 5th Circuit just dismantled the SEC's power to enforce securities law. This decision is beyond radical. It is nihilistic. This seems like a pretty consequential decision

ca5.uscourts.gov

Jennifer Walker Elrod's majority opinion approvingly cites Ronald Reagan's "Nine Most Terrifying Words in the English Language" (I'm from the government, and I'm here to help). I ask again: What is going on in the 5th Circuit?!

Anyway, the implication of this decision is that most (all?) agency enforcement power is unconstitutional. Which, in plain English, means that the federal government can't enforce a huge swath of regulations. I mean, this is basically striking down the administrative state.