Publius

The Publius Report

Constitutional analysis on SEC enforcement, due process, and the structural boundaries of administrative power. Published at publiusconnect.com — soon moving to publiusreport.com.

A Republic — If You Can Keep It

I passed a house this morning with a simple black-and-white sign in the window: No Kings. The words landed heavier than....

"Alligator Alcatraz" Violates the Constitution

Credible reports describe maggots in food, flooding, mosquito-infested quarters, denial of hygiene, and a systemic

How the SEC's Internal Failures Undermine Investor Trust

The SEC openly acknowledged a 'control deficiency' between its enforcement division and its adjudication division.

Who Truly Benefits from SEC Whistleblowers?

The SEC announced its largest whistleblower award ever — nearly $279 million to an unnamed individual. But who truly benefits from this program?

A New Year, But Still the SEC Is Nowhere to Be Found

When more than 70 members of Congress were identified as being in violation of the STOCK Act, they received only a fine

Judges Speak Out About SEC Gag Orders

'What is the SEC so afraid of? Any criticism, apparently.' A direct quote from U.S. District Judge Ronnie Abrams in response to the SEC's 'No-Admit-No-Deny' provision.

A Fundamental Right Denied

We often think of our right to appointed counsel as an inalienable right. The work done to have this right applied

Are Celebrities to Blame for the Fall of FTX?

Larry David rejecting inventions throughout history — and more recently, cryptocurrency. The commercial seems more

SEC Uses Kardashian as an Example of Enforcement

Kim Kardashian shilling a new crypto token — and the SEC stepping in to fine her. Is this enforcement or theater?

Where Is the SEC?

The Supreme Court let down the American people and missed a chance to right the wrongs of the SEC by refusing to hear former Xerox exec Barry Romeril's case.

The Supreme Court Misses its Chance to Do Right

When a powerful government agency demands that we do not speak ill of it, this is a dangerous road towards tyranny.

SEC & Regulatory Overreach — Nondelegation Doctrine

If a global giant like Schwab believes it makes more financial sense to settle with the SEC, what hope do smaller firms have?

The SEC's Tyrannical Gag Orders

Since 1971, the SEC has routinely insisted that defendants who settle their cases promise to make no statement confirming

Regulatory Overreach — Elon Musk and the SEC

Unlike so many other entrepreneurs and firms, Musk continued to speak out openly, defiantly, and sometimes crudely, against

Regulatory Overreach — The SEC vs. XRP

A deeper dive into the ongoing case of the SEC vs. Ripple Labs Inc. and the SEC's potentially abusive regulatory actions.

Regulatory Overreach — The SEC Racket

The SEC's operations may be more akin to other questionable entities. We examine how its enforcement model resembles a protection racket.

SEC Whistleblower Program Invites Abuse

Over $1 billion has been awarded to whistleblowers — a considerable amount for a program that was considered a

Pushing Back Against the SEC and FINRA

More than $30 billion has been paid to the SEC and more than $1.3 billion to FINRA by the financial services industry since the