Mar. 23, 2023
Vanessa Countryman, Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Dear Ms. Countryman, As a concerned household investor, I do not understand why there needs to be exemptions made for market-making entities to provide infinite liquidity through loopholes, both existing and new ones, as this proposal does. The issues of supply and demand are fundamentally wiped away under circumstances such as these. It also encourages Market Makers to engage in risky business practices, delaying buy ins of securities sold not yet purchased, as in the case of Citadel having 65B worth of such liabilities at the end of 2021. It further allows them to delay such buying, only doing so when it is advantageous for them, thereby devaluing household investors investments, as it would not behoove market makers, like Citadel, to have to buy in a security at a higher price. Such exemptions need to be removed permanently from the market. There can be no price discovery without supply and demand, and there can be no fairness to household investors, when such mechanisms are clearly designed to benefit a small fraction of entities who engage in such predatory practices. I am strongly requesting this and other recommendations of the like, not be allowed to exist in our market. There has been a concerted effort over the past two years, to try and push similar proposals through, solely to benefit market makers and their predatory business models. Payment for order flow, liquidity exemptions, are all the same, and do the same harm to household investors and the overall market by diminishing price discovery and supply and demand. Sincerely, A concerned household investor.