CTF Written Submission
The Key Neutrality of Baselayer Markets A Response to Questions Posed in SEC Commissioner Hester Peirce’s “There Must Be Some Way Out of Here”
April 18, 2025
- MEV (Maximal Extractable Value) does not meet the legal standards for securities fraud, insider trading, or best execution violations under U.S. law.
- Regulatory intervention in MEV could disrupt a self-correcting market structure, and a tech-neutral, flexible approach is recommended.
- MEV activity does not involve the scienter required for claims under Section 10(b), Rule 10b-5, or Section 9 of the Exchange Act.
Last Reviewed or Updated: April 21, 2025