May 28, 2026
To the Securities and Exchange Commission, Re: File No. SR-NASDAQ-2026-045 — Proposed Rule Change to Amend Position and Exercise Limit Rules I am writing as an American citizen and investor to formally object to the manner in which this rule change has been handled — and more broadly, to demand that the Commission begin doing its job of protecting the American public rather than rubber-stamping rule changes that serve the interests of Wall Street insiders. This proposed rule change was filed on May 11, 2026, and published for comment on May 22, 2026 — with a comment deadline of June 12, 2026. That is barely three weeks for the American public to review and respond to changes affecting the integrity of our financial markets. This is not transparency. This is the appearance of transparency while ensuring that ordinary Americans have no meaningful opportunity to weigh in. The Commission has a legal mandate under the Securities Exchange Act to protect investors and maintain fair, orderly markets. Instead, the SEC continues to allow exchanges like Nasdaq to self-regulate through rule changes that are drafted by the very institutions that profit from them. Allowing Nasdaq to amend its own position and exercise limit rules with minimal scrutiny — while American families bear the consequences of market instability — is a dereliction of that duty. Position and exercise limits exist for one critical reason: to prevent the kind of concentrated, speculative positions that can destabilize entire markets. Any loosening or technical revision of these guardrails — however it is characterized — demands rigorous independent analysis of systemic risk. The Commission should be asking hard questions about who benefits from these changes, what the downside risk is to retail investors, and whether concentrated positions in highly volatile sectors could trigger cascading failures across the broader market. The American public has watched for years as regulators look the other way while powerful financial interests write the rules that govern them. Enough is enough. I urge the Commission to: 1. Extend the public comment period to a minimum of 60 days. 2. Commission an independent systemic risk analysis before approving any amendment to position or exercise limit rules. 3. Hold a public hearing where ordinary investors — not just institutional players — can testify. 4. Be transparent about who lobbied for this rule change and what financial interests stand to benefit. The SEC exists to serve the American people — not Nasdaq, not hedge funds, and not billionaire speculators. It is past time the Commission acted like it. Respectfully submitted, Michael Sadler Michael.c.sadler@gmail.com