Whether an enforcement proceeding by a constitutionally illegitimate actor constitutes irreparable injury and whether FINRA's structure violates constitutional structural provisions

Petitioner is a securities broker-dealer that is the target of an enforcement proceeding brought by FINRA—a putatively “private” organization vested by statute with authority to make and enforce federal law. FINRA’s leadership is not selected by or accountable to anyone in the Executive Branch, and Petitioner challenged the enforcement proceeding on the ground that FINRA’s structure violates the Constitution’s structural provisions. In the decision below, a divided panel of the D.C. Circuit held that FINRA’s authority to summarily expel broker-dealers from the securities industry without prior review by the SEC violates the private non-delegation doctrine. But the D.C. Circuit refused to enjoin the enforcement proceeding in its entirety, reasoning that being subjected to an enforcement action by a constitutionally illegitimate actor does not constitute irreparable injury. The questions presented are: 1. Whether the “here-and-now injury” inflicted by “an illegitimate proceeding, led by an illegitimate decisionmaker,” Axon Enter., Inc. v. FTC, 598 U.S. 175, 191 (2023), constitutes an irreparable injury for purposes of a preliminary injunction; and 2. Whether FINRA’s structure and asserted power to enforce the federal laws, including its exercise of unfettered prosecutorial discretion, violates the Constitution’s structural provisions.