Judgment is AFFIRMED and case REMANDED. Kagan, J., delivered the opinion of the Court, in which Roberts, C.J., and Thomas, Alito, Sotomayor, Kavanaugh, Barrett and Jackson, JJ., joined. Thomas, J., filed a concurring opinion. Gorsuch, J., filed an opinion concurring in the judgment.

Argued. For Michelle Cochran: Gregory G. Garre, Washington, D. C. For Securities and Exchange Commission, et al.: Malcolm L. Stewart, Deputy Solicitor General, Department of Justice, Washington, D. C.

Motion to file the reply brief on the merits out of time GRANTED.

Record received from the U.S.D.C. Northern District of Texas has been electronically filed.

Record requested from the U.S.C.A. 5th Circuit.

The record from the U.S.C.A. 5th circuit is electronic and located on Pacer.

Motion to file the reply brief on the merits out of time filed by respondent Michelle Cochran (October 3, 2022).

Reply of respondent Michelle Cochran filed. (Distributed)

CIRCULATED

Consolidated response brief of federal parties filed. VIDED (21-86).

ARGUMENT SET FOR Monday, November 7, 2022.

Brief amicus curiae of Institute for Justice filed.

Brief amici curiae of Phillip Goldstein, et al. filed.

Brief amici curiae of Raymond J. Lucia, Sr., et al. filed.

Brief amicus curiae of Americans for Prosperity Foundation filed.

Brief amicus curiae of Chamber of Commerce of the United States filed.

Brief amicus curiae of Washington Legal Foundation filed.

Brief amici curiae of Citizens United and Citizens United Foundation filed.

Brief amicus curiae of Pacific Legal Foundation filed.

Brief amicus curiae of Atlantic Legal Foundation filed.

Joint appendix filed. (Statement of costs filed)

Brief of respondent Michelle Cochran filed.

Blanket Consent filed by Petitioner, Securities and Exchange Commission, et al.

Blanket Consent filed by Respondent, Michelle Cochran

Upon consideration of the letter of May 19, 2022, from the Solicitor General on behalf of the parties in No. 21-86 and No. 21-1239, respondent in No. 21-1239 has to and including June 30, 2022, within which to file the joint appendix and the opening brief on the merits in No. 21-1239. The Solicitor General has to and including August 8, 2022, within which to file a consolidated response brief on the merits on behalf of the federal parties in No. 21-86 and No. 21-1239, limited to 20,000 words.

Letter of the Solicitor General on behalf of the parties in No. 21-86, Axon Enterprise, Inc. v. FTC, and No. 21-1239, SEC v. Cochran, regarding alignment of parties and briefing filed.

Petition GRANTED.

DISTRIBUTED for Conference of 5/12/2022.

DISTRIBUTED for Conference of 4/29/2022.

Letter of April 12, 2022 from counsel for respondent filed.

Brief amici curiae of Raymond J. Lucia, Sr., et al. filed. (Distributed)

Letter of April 8, 2022, from the Solicitor General filed.

Brief of respondent Michelle Cochran filed.

Petition for a writ of certiorari filed. (Response due April 11, 2022)

Securities and Exchange Commission, et al., Petitioner, represented by Elizabeth B. Prelogar

Michelle Cochran, Respondent, represented by Gregory George Garre

Americans for Prosperity Foundation, Amicus Curiae, represented by Michael David Pepson

Atlantic Legal Foundation, Amicus Curiae, represented by Lawrence S. Ebner

Cato Institute, Amicus Curiae, represented by Clark M. Neily III

Chamber of Commerce of the United States, Amicus Curiae, represented by Sarah Michelle Harris

Citizens United and Citizens United Foundation, Amicus Curiae, represented by Gary Michael Lawkowski

Institute for Justice, Amicus Curiae, represented by Jared Alan McClain

Pacific Legal Foundation, Amicus Curiae, represented by John Kerkhoff

Phillip Goldstein, Mark Cuban, Nelson Obus, and Investor Choice Advocates Network, Amicus Curiae, represented by Nicolas Morgan

Raymond J. Lucia, Sr., George R. Jarkesy, Jr., and Christopher M. Gibson, Amicus Curiae, represented by Kellam McChesney Conover

Washington Legal Foundation, Amicus Curiae, represented by John Mercer Masslon II