It also appears - please chime in if I'm definitely wrong - to declaw the SEC. I know many are convinced that agency is anti-Tesla, but I'm only 49% in that camp. An impotent SEC most certainly would be detrimental to TSLA, even if only peripherally affecting Tesla Inc.
We really need a serious professional,legal view on this, and most that I read are too politically biased to view this dispassionately. The SEC, however, has quite a body of practice that evolved informally among SEC regulated entities and those nominally subject to SEC oversight actually have formalized self-regulation. That ruling seems to me to state they’ll need legislative connivance rather than only Executive branch connivance.
The present court being as it is guaranteed they will find an out, somehow. If for Justice Thomas I see an undeniable out of the SEC and all subject to it. The Buttonwood Tree was in 1792, the Constitution in 1787. Close enough to show that ONLY self-governance for securities markets is acceptable so the SEC itself is unconstitutional!
As for
@Knightshade and is clever introduction of Jarkesy luckily for originalist thinking, the 7th Amndment applies explicitly and only to cases tried before Federal courts. As per Buttonwood the entirety can be treated ex-Federal. In that respect the securities industry would tend more to resemble the insurance industry.
This may seem far fetched. However, in the environment of debates over all manner of energy, automotive and securities issues, the tenor of the times clearly is in greater devolution of Federal powers and purse.
Tesla might do rather well this way.
Factually, I argue the end point of all this will be the thorny issues of Interstate Commerce.
In 1797 they did a poor job of solving those problems, as the Great Compromise led to the Civil War. Logically that is where we are now.
Without question all this is even more important to Tesla and SpaceX that is is to the rest of multinational business in the US.