February 19, 2022
I am a retail investor who had faith in US stock market until recently where it is found out that the market is rigged in every way possible to suck the economy especially from the middle and low income class. Therefore I approve this rule proposed.
I hope SEC will constantly propose more rules that will cover any loophole that is exploited for manipulation, fraud, financial terrorism etc. Obviously, stock market manipulation is not victimless. Here are a just a few victims out of endless list,
- Low income class become poorer and middle class become lower income class. Thus, more stress on government providing subsidies.
- Stops/kills innovation technology companies including healthcare industry such as cancer researches, etc.
- Retirement funds do not grow as much as they should if there were no manipulation and fraud. Thus, leading senior people to work until they die.
- US cash/economy flowing out of US to foreign places like Cayman Island, thus hurting US economy.
- Extremely likely corruption/bribery of government officials to protect the financial criminals using these loopholes.
- Obviously, fraud/manipulation indirectly contributes to reasons for high inflations.
- Potential threat to national security such as critical information when/if the financial criminals make deals with foreign government officials.
- Etc, etc.
- The list goes on.
We love our country and as we know stock market is a crucial part of why USA is the top country, SEC really needs to step up way more than now. Also, we noticed that when SEC was asked by congress if SEC needs congress help for more legislation, SEC chairman basically said SEC has enough legislation/tools. We honestly don't believe that and would really love to see SEC working with congress to impose bigger law enforcement such as bigger fines (100%+) and jail sentences for financial terrorism. Currently fines from SEC/FINERA/Etc for financial crimes are just operation expense to the criminals and a laughingstock to the world. The world is watching, and enforcement needs to be strongest because without enforcement, these rules as no use.