April 20, 2022
This rule has been rejected multiple times, stop bringing it back. Are you just catering to lobbyists that keep putting this rule in front of you? TELL ME YOU'RE NOT, because I don't believe you...
Look around, the economy is in SHAMBLES because of rules like this. Their is ZERO fairness in our markets, there is ZERO accountability, there is ZERO integrity. This rule will perpetuate the unfairness of the markets and needs to be stricken for good.
STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES. STOP ALLOWING INSTITUTIONS TO SKIRT THEIR LIABILITIES.
Do you understand? If I speed I get a ticket, I pay the ticket or I face increasing enforcement until my license is taken away. If I make a bad trade I pay for it or I cannot trade. If I break the law, I pay. Large Institutions ALREADY have a LIBRARY of strategies to skirt their liabilities, obscure their trades, smudge their reports, influence the media into skimming cash from retail, and IF enforcement catches on they pay dismal fines equal to the cost of doing business. What even is this rule? You want to help institutions obfuscate the already drearily difficult to navigate stock market?
Listen.
We're on the cusp of change. Bitcoin is nearing 15 years old and has only grown. NFT's and Web 3.0 will change the way we live, play, and invest. You are on the precises' edge and have a choice. You can lock in, once and for all, that the markets are rigged and when a large institution makes a bad play they don't have to pay out. Sure, but if you do that retail leaves, for good. Countries are already leaving the US Dollar for Bitcoin as a reserve currency, they will leave the US Market as well. All faith in US financial system will fail if you go down this path. It's time to listen to the lobbyists and DO THE OPPOSITE. Tear down exactly what they want to protect. It's not difficult. Show the world that they can invest in a company and that their investment will be protected or we'll do it ourselves. People will have security in blockchain and you'll be LUCKY if people even decide to pay their taxes.
You're shooting yourself in the foot here. You need to reverse this and show that there is still teeth to the SEC to enforce their own laws. You're a joke. Nobody respects you. Do your job.
Or, you know. Allow algorithms to trade 5,000 times per second, failure to deliver stocks for months, naked short selling, dark pool trading of RETAIL orders (WHAT?), media to lie and promote pump and dumps, etc etc etc, while it takes a YEAR+ to do something, anything to stop ONE of these things. Are you kidding me?
SEC, maybe STOP proposing rules. Maybe just don't. You don't enforce the rules anyway, you just wanna make rules that allow you to skirt the real rules. We need you to just stop talking about new stuff when you can't obey the old stuff. Who the fuck is sitting around writing these proposals? Why? You call us dumb money because we have NO other option to save for retirement. We see you, we know what is happening and we're fighting desperately to just be able to not have to work until we fall over dead. We' like to know we can save our money and perhaps let it grow a bit. Calling us dumb money is an abomination to what you've done to the market to give you the privilege to call us that. You've been the worst parent to a fledgling market and have the audacity to call it dumb when you've been the whole-ass reason for the markets being so corrupt, yet we're the dumb ones for investing in it because there's no other option.
There is an option. We leave. That's the other option. Then we'll see who's the dumb money when every white collar job in finance is redundant. What's going to happen when the skills of a banker, hedge fund manager, SEC, DTCC, CFTC, DTC, Cede and Co, NYSE, etc have no purpose? What jobs are THEY going to find when they've destroyed the jobs and livelihood of so many. Who's tax payer dollars are they going to skim when our salaries have been slashed for shareholder value for decades? There aren't enough Walmart's for everyone to be a greeter. There aren't enough Wendy's for everyone to lay their head for the night behind the dumpster. There aren't enough tears to wash away the filth that is the financial system. Grow a pair of balls or we'll go up inside you and neuter whatever we find that resembles them. It's a more dangerous operation but we're already sharpening the scalpel that is Blockchain.