Kielczewski v. SEC

On July 22, 2026, WLF urged the D.C. Circuit to void an SEC order upholding penalties imposed by the Financial Industry Regulatory Authority (FINRA). As WLF’s brief explains, FINRA claims to be a private company—and therefore immune from the Constitution—even as it enforces federal law as an arm of the SEC. Since FINRA’s hearing officers are neither appointed by the President nor any other constitutional officeholder, its order is unlawful and must be vacated.