In 1975 Congress directed the SEC to facilitate the establishment of a national market system. This work culminated in the adoption in 2005 of Reg NMS. The system established by the SEC, pursuant to this direct congressional mandate, is not perfect-but it has enabled the largest creation of wealth in the history of the world. Now, in 2026, the Commission appears to believe that this congressional mandate was merely a suggestion, and it has decided to start dismantling the national market system in the name of "innovation". The result is that retail investors in these disconnected "tokenized" liquidity pools will get worse prices and worse executions. The Commission is not free to exempt anyone from a congressional mandate. Such usurpation of the legislative power that rightly belongs to Congress, and that Congress has chosen to exercise in an unambiguous manner, is an arrogant and illegal act. I sure hope someone sues the Commission over this order. Someone has to look after retail investors, given that the SEC is no longer interested in doing so.