Earlier quoted context omitted.
They can delegate to agencies. The ruling isn't preventing them from doing that, it's just preventing the adjudication of penalties from being carried out by those agencies. The SEC still gets to make the rules, they just don't also get to impose penalties on their own, without a jury trial.
In theory, yes. From a practical perspective, many of these rules are only implemented and enforceable because of the "in-house" self-adjudication framework, that operates on the presumption that it's own regs are lawfully valid, and don't have to repeatedly convince outside judges and juries to choose to enforce the sometimes absurd or overreaching rules that only make logical and legal sense to those sheltered with…
Ya, I agree with you on all that. I will note however that they only began self-adjudicating in 2011, so on its own this probably isn't a big deal. If the non-delegation principle is expanded by the supreme court though, it could be.