February 10, 2022
I would like to start by saying that most of what Commissioner Pierce shared in your recent dialogue was mostly rubbish in my opinion. I honestly feel very little sympathy in the way of reporting burden on multi-million dollar financial entities. The process will likely be automated a regurgitated out of a machine, checked by interns and then signed on by management. Lets not play around and act like this is anything more than that. If that was honestly enough of an impediment to stop the entities in question wall street would be apartment complexes. I have often heard that the SEC essentially shows up to toe-tag the bodies after the crime. From the little that I can manage to understand on your fact sheet it seems like this may offer the SEC the ability to act preemptively instead of dealing with the fallout of the greed of a few. Which seems completely logical and long past due. Honestly the SEC should be privy to all trades and all positions. Wall street has proved time and time again that it can not be trusted. Perhaps in a market that has some kind of open ledger. Maybe it is time to take a deep breath and ask ourselves if the obfuscation of information really benefits anyone that isnt trying to hide anything and no this isnt an invitation for some kind of draconian rule where the government to see into everything. I mean this in the context of economics alone. Trust is the rarest commodity in all of economics and while retail investors are seeing green at the opportunities that are offered by investing, I would not mistake greed for trust. People have flocked to blockchain out of distrust of more established investment opportunities. Many with little to no idea what they are actually doing end up throwing their money into projects that make little to no sense or are just outright scams. Take this as a sign that the financial regulators of the past have before you simply performed suboptimally and that the publics (maybe the worlds) trust in our market could be stronger. The SEC being able to use this information to prevent tragedy is good step in bolstering any weaknesses in this trust. Please remember your duty is to the public, not financial entities.