What to know about the latest controversy at the 5th Circuit

The federal appeals court that has been under fire for its handling of abortion rights, immigration and so-called social media “censorship” handed down on Wednesday a ruling that — if adopted nationwide — could upend the way that federal agencies for decades have enforced the law.

A split panel of judges from the conservative appeals court deemed unconstitutional the way the US Securities and Exchange Commission was using its in-house administrative process to adjudicate allegations of securities fraud.