Apr. 20, 2022
My Dearest SEC, This twice proposed and pulled set of rules is just more house of cards insanity - more band-aids on cancer. It can not last. The utter collapse and devastation of our capital markets will merely be kicked down the road further by the creation of this yet another layer of fakery and be all the more horrible when it happens. Are you yet another set of bureaucrats willing to not fix the problem so you can move into cush private sector positions and let any crash be someone else's issue? Why not boldly be the ones who faced the monster. Instead of coddling and continuing to enable the crime of naked shorting and all the other illegal manipulations partaken by these oh-so RICO-able institutions, move towards: 1. demolishing them thoroughly, let the markets crash and be quickly reborn in a better form. It will be ugly but over quickly if you prepare properly. 2. focus on creating free and fair markets instead of enabling a playground for corrupt financial sociopaths. 3. establishing T+0 blockchain tech markets with no Market Makers - they have proven themselves incapable of honestly fulfilling a roles that isn't needed anymore anyway. All shares visible and locatable. No liquidity? Too bad, then there IS no liquidity. That is a real market. Prices will adjust. 4. considering abolishing all short selling for a period of time - let's say 3 years - and a careful crafting of a new set of rules to keep it honest. 5. Ban high frequency trading. 6. Ban the dark pools, especially the aggregation and routing of retail orders through dark pools. 7. I'm no expert but my own idea: Why not just have an after hours 1 hour period in which all whale transactions can occur without moving price action? 1 hour from 4-5 PM? Then price action resumes. All all other trading through lit exchanges. Only 1st party, true whales, no aggregation of small orders. Would have to be better than the current dark pool madness. Sincerely, Steven Paiano 267-939-4001 6 Bittersweet Rd Levittown, PA 19057 US Citizen