The Powell Perspective™

05/30/2025

Publius

Supreme Court rules SEC use of in-house tribunals unconstitutional in potentially far-reaching decision

On June 27, 2024, the Supreme Court ruled in SEC v. Jarkesy that when the SEC seeks civil penalties for securities fraud, defendants are entitled to a jury trial under the Seventh Amendment. This decision ended the SEC’s use of internal administrative tribunals led by Administrative Law Judges (ALJs), mandating that such cases must be brought in federal court. The ruling significantly limits the SEC's enforcement powers and may signal a broader judicial pushback against the administrative state, impacting other federal agencies’ enforcement approaches as well.
Full article - www.whitecase.com/insight-alert/supreme-court-rules-sec-use-house-tribunals-unconstitutional-potentially-far-reaching

Jarkesy v. SEC: Supreme Court Limits In-House Penalties

The Supreme Court’s landmark decision in SEC v. Jarkesy establishes that the Seventh Amendment guarantees a jury trial for defendants when the SEC seeks civil penalties, invalidating the SEC’s practice of adjudicating such matters through in-house tribunals. This ruling forces a strategic shift in SEC enforcement, requiring civil penalty cases to be litigated in federal courts, which may complicate and prolong litigation. The decision also raises constitutional questions about administrative proceedings beyond the SEC, marking a pivotal moment in the debate over government overreach and the scope of the administrative state.
Full article - blog.counselstack.com/jarkesy-v-sec-supreme-court-limits-in-house-penalties/

The RE Doctor

North Carolina's ADU Regulation and Affordable Housing

This article discusses recent legislative efforts in North Carolina to increase affordable housing through the regulation and construction of Accessory Dwelling Units (ADUs). Bills like S495 and H627 aim to simplify the process of building ADUs by reducing regulatory barriers, thereby enhancing the state's housing supply and affordability. The legislation encourages local governments to permit ADUs in residential zones, fostering a more inclusive and dynamic housing market. Full article - https://www.ncleg.gov/Sessions/2025/Bills/Senate/PDF/S495v1.pdf and https://www.ncleg.gov/Sessions/2025/Bills/House/PDF/H627v1.pdf

Commercial Real Estate in 2025: Challenges and Opportunities

This article explores the current landscape of commercial real estate in 2025, highlighting both challenges and opportunities. The industrial sector remains strong due to demand for logistics and warehousing, while the office market seeks stability amidst evolving work patterns. The sector is expected to find equilibrium as tenants favor sustainable, high-quality spaces. Full article - https://www.ccim.com/real-estate-insights/blog/commercial-real-estate-2025-hurdles-and-horizons

Skier Tom

Ski Instructor Certification and Training Pathways

This article outlines the pathways for ski instructor certification through PSIA-AASI, highlighting their role in setting professional standards, education, and certification for U.S. ski and snowboard instructors. It explains the importance of PSIA-AASI certification for career progression and details how both new and experienced instructors can access training resources, e-learning, and on-snow experiences to develop their teaching and technical skills. Full article - thesnowpros.org/get-certified/[4]


Junior Ski Instructor Programs and Community Impact

This article focuses on junior ski instructor programs affiliated with PSIA, emphasizing their benefits for youth (ages 12-14) and the broader community. It details the structured curriculum that includes online learning, on-snow training, and shadowing, designed to build essential skills such as communication, professionalism, and group management. The program is praised for its role in developing future leaders in mountain sports and its positive impact on local ski communities. Full article - www.mapleskiridge.com/psia-junior-instructor-ski-program[8]

Founder's Paradox

The Perils of Founder Worship

This article explores how the cult of personality surrounding startup founders can lead to significant governance failures and increased litigation risk. It argues for the early adoption of corporate governance standards, transparent ethical codes, and robust due diligence to prevent the kind of business structure vulnerabilities that allowed high-profile failures like FTX. By prioritizing oversight and compliance—especially in high-risk sectors—startups can mitigate founder isolation, protect stakeholders, and foster long-term stability. Full article - https://clsbluesky.law.columbia.edu/2025/05/20/the-perils-of-founder-worship/[1]

The Reality of Corporate Governance for Start-ups

This article examines the dynamic tension between founder control and effective governance in startups, discussing strategies to balance visionary leadership with accountability. It highlights the importance of starting governance early, evolving board structures as the company grows, and implementing essential policies to manage business structure risks and high-stakes leadership challenges. The piece offers practical advice for founders to build a culture of transparency and avoid the pitfalls of founder isolation without sacrificing agility. Full article - https://www.chrysalix.com/news_insights/the-reality-of-corporate-governance-for-start-ups[3]

Secrets of Capital Raising

This report outlines the optimistic outlook for private equity in 2025, highlighting key factors such as an easing monetary cycle, tighter credit spreads, relaxed regulations, and significant dry powder fueling dealmaking. It discusses pressures on funds to execute exits, potential regulatory shifts under a new administration, and an expected surge in deal volume potentially surpassing 2021 records. The energy sector is noted as a major area of investment focus, while competition from direct lending and an open credit market are expected to support sponsor activity. However, challenges like exit difficulties, tariff wars, and tax policy risks remain present. Overall, 2025 is projected to be a dynamic year for private equity transactions requiring nimble and creative deal structuring.[6]

Full article - www.cbh.com/insights/reports/private-equity-report-2024-trends-and-2025-outlook/

This article presents key venture capital trends for 2025, noting a rebound in investment fueled by stabilizing interest rates, a revival of IPO markets, and an increase in mega-deals supported by $4 trillion of uninvested capital in private equity firms. It emphasizes a recovery in VC fund distributions driven by improved exit activity and a maturing startup ecosystem. The piece highlights investors’ increasing selectivity, focusing on sustainability, profitability, and proven financials rather than hype. Growth-stage companies and unicorns are expected to drive liquidity and reinvestment opportunities, while overall improved market confidence is encouraging more proactive fundraising and strategic investing in the venture ecosystem.[3]

Full article - www.allvuesystems.com/resources/top-trends-in-venture-capital/