April 9, 2021
For years, short-selling has done immeasurable damage to the economy and wiped out businesses. While I do acknowledge the benefits of shorting stocks. However, all these years, shorting stocks has been rarely used for the benefit of our market, instead it has became a primary tool for the greed. Powerful hedge funds made fortune where countless honest businesses met their ends prematurely.
I have been very pleased to see the gradual change of DTCC and SEC by observing new proposed rules. In light of recent event, it is safe to say that our current trading system consists of various weak joints where malicious institutions took advantage and dealt major damage to our economy. I strongly believe that these new proposed rules and this rule are major steps toward re-establishing transparency and accountability for the US stock market.
As for this ruling, I voted yes for this rule to be approved and take effect immediately at the earliest implementation date. Additionally, maximum penalty should be enacted upon all participants who failed to comply with any DTCC and SEC rule.
Thank you for your time consideration in this matter.
Sincerely,