Judge Thomas Ambro noted the rejection was “conclusory,” while Judge Stephanos Bibas warned the SEC about its enforcement-heavy approach, which he argued could unfairly target the entire industry.

On Jan. 13, 2025, a unanimous panel of the U.S. Court of Appeals for the Third Circuit held that the Securities and Exchange Commission (SEC or ...

Judge Thomas Ambro wrote that the SEC’s original denial lacked sufficient reasoning. In a separate concurrence, Judge Stephanos Bibas warned that “sporadically enforcing ill-fitting rules ...