February 7, 2022
To whom it may concern,
I am in complete support of this rule. It is clear that the SEC was listening to the retail investor on various GME subreddits since some of this data correlates with previously published Due Diligence by individual investors on those site.
I began investing in the stock market in 2020 and bought my first fractional share of GME on 12/31/2020. Since then, I have dramatically increased my position in GME.
2008 never stopped. Wall Street just rebranded. This has been going on far too long and I refuse to sit idly by as a select minority controls the masses.
As an attorney I am held to strict ethical standards regarding the handling of client trust accounts and conflicts of interest. I can be disbarred for one count of misappropriation of client trust funds for personal/business expenses.
On the other hand, Market Markers/Hedge Funds are permitted to wear multiple hats at once and are easily able to avoid reporting requirements, since 90-95% of all retail market orders go to dark pools. Yet, these market makers and hedge funds literally steal from hard working Americans every single day and use our own money against us to control the market for their own benefit, while killing innovation through abusing naked short selling practices such as cellar boxing.
This is a definition of a conflict of interest and they don't even have to report it.
This is not a free market. It never has been. Without 100% transparency and a ban on payment for order flow, the United States Stock Market will be in the hands of the Criminals on Wall Street who have ruined this country financially 3 times in the last 30 years alone. When are we going to learn?
When Robbinhood turned off the buy button on January 28, 2021, the whole world became involved. Now, individual investors from more than 125 countries own shares in GME. If the SEC does not address these issues properly, the national AND international community would lose complete faith in the US Stock Market, which would be a fatal blow to our beloved country's already faltering economy.
Based on the aforementioned, I am in support of this proposed rule.
Thank you for your time and effort into the preparation of this proposal.