NCLA filed an amicus brief in support of the petitioners’ request for a Writ of Certiorari from the U.S. Supreme Court in Monex Deposit Company, et al. v. Commodity Futures Trading Commission. In this case, CFTC is testing the furthest reaches of judicial deference to agency interpretations in order to exert its regulatory power.
Oddly, the agency has studiously avoided specifying which brand of judicial deference its legal interpretation relies upon, which has denied petitioners their due process right to know the legal basis of the charges against them. Regardless, NCLA contends that any judicial deference to an agency interpretation abandons the judicial duty under Article III to exercise independent judgment and exhibits systematic bias violating the due process of law under the Fifth Amendment.