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The court finds that suspects of violating securities laws have a constitutional right to present their case to a federal grand jury. The Supreme Court's decision could significantly reduce the Commission's leverage over the market. The agency will lose the right to single-handedly admit guilt in cases of suspects and impose administrative fines in dispute resolution. The Supreme Court took into account the opinion of crypto industry representatives that "the Commission's anti-fraud provisions mimic common law anti-fraud practices."
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