16/ I think Alito laid out a majority opinion, narrowly limited to this statute on securities fraud: The fraud claim identified by the statute overlaps so closely with common law fraud that securities fraud triggers the 7th A. right to a jury trial. That's a sufficient basis & likely 5 or 6 votes.

17/ In reserved time, the govt lawyer touches on removal first to distinguish this case: Here, the SEC has plenary review of the ALJ, so the earlier question about whether the president can "supervise" are resolved here: The president has sufficient info to supervise the SEC for its review.