Apr. 01, 2023
My dear SEC commissioners, It is with an urgent, unyielding sense of duty that I address you today, urging you to pass the Order Competition Rule [Release Nos. 34-96495; File No. S7-31-22]. The fact that such a rule is even necessary is a clear sign that something has gone horribly wrong in our financial system and is a scathing indictment of the SEC's failure to safeguard the interests of investors and the stability of our society. It is not hyperbolic to say that History is littered with examples of societies that have collapsed due to similar levels of inequality and injustice. As Pulitzer Prize-winning author Jared Diamond so aptly stated, "It is when the rich, or ruling class isolate themselves from the problems of the poor that societies collapse." And here we stand, teetering on the edge of that very precipice, our nation's societal fabric fraying under the strain of rampant wealth disparity and unchecked conflicts of interest. I am aware market makers and hedge funds oppose this rule due to concerns about the impact it may have on their profitability. Because of course they do. It is there only imperative. Do you know what other thing consumes wealth in this fashion without any regard for the homeostasis of the surrounding environment? Cancer cells. And it is is the responsibility of the SEC,to prioritize the interests of investors and the integrity of the market body above the interests of a few industry players who would feed until nothing is left. And let’s be clear, continuing this let-them-eat-cake unfairness that has led to unprecedented levels of wealth disparity, a level of egregious conflict of interest, and unregulated skimming that is simply unacceptable and the world is catching on. As someone who works in the arts and knows little about finance, even I can see the terrifying implications of your inaction because when the basic trust narratives that bond a society together are flagrantly betrayed, it dissolves the glue that society is built upon. This leads to chaos and turmoil, as people lose faith in their institutions and turn to more extreme measures to achieve justice. To say nothing of whether the world will continue to flock to our markets as your inaction destroys the reputation of the market from the inside out. You, as regulators, may be our last chance before the foundational trust of our society is completely broken. This is not just a matter of financial stability; it is a matter of the basic bonds that hold us together. If these bonds are broken, we will be left with nothing but chaos and turmoil. Therefore, I implore you to act swiftly and decisively. You have the power to make a difference at a crucial moment in history for our country and for the world at large, I urge you to take these words to heart and make the right decision. The future of our global society may depend on your choices. Thank you, Michael Tholemue