Dear Secretary Haywood, I respectfully submit this comment in opposition to the proposed registration of the Texas Stock Exchange LLC (TXSE) as a national securities exchange. After reviewing the Form 1 application and associated exhibits, I find that the TXSE fails to present a compelling justification for its addition to the already saturated U.S. equity exchange landscape. As of 2025, there are over a dozen operational exchanges, and fragmentation remains a persistent issue, raising questions about whether new exchanges like TXSE enhance market competition or simply complicate infrastructure without clear innovation. TXSE’s rulebook and system architecture largely mirror those of existing exchanges. While the proposed platform includes familiar automation features like continuous matching and time/price priority, these are industry standards, not differentiators. No substantial advancements in transparency, investor access, or market efficiency appear evident. Furthermore, the ownership structure and lack of clarity around long-term strategy raise concerns. In an environment already marked by regional wealth disparities, approving a new exchange headquartered in a singular economic zone like Texas, without robust mechanisms to ensure equitable market access, risks exacerbating economic imbalances in national financial markets. I urge the Commission to hold TXSE to a higher standard of value-added innovation before granting approval. Our markets don’t need more exchanges, they need better ones. Sincerely, Taylor