December 3, 2021
Even though I am not a fan of big brother government overreach, I do believe in a fair market and even playing field. Wall Street resembles organized crime today and is protected by loopholes provided by congressional finance committee members whose campaigns were financed by those benefitting from those loopholes. The SEC is somewhat restricted by those loopholes and members of Congress in its enforcement attempts.
I am in favor of requirements to maintain a paper trail, good luck with that.
There needs to be more oversight of nonregulated organizations. Dark pool transactions made by market makers over exchanges run by organizations that self-report days, weeks, and months later is similar to tales of the wild wild west and the judge, jury, and executioner.
In addition to the proposed rules, I would to see a SEC run system to register and verify shares of publicly traded companies like GME and AMC. Investors could register their shares, this information would be available to both shareholders and the SEC and to institutional investors.
When Robinhood purchase SayTech, a ten-million-dollar company for $140 million in August off 2021, they in effect destroyed evidence that could be used against them in a criminal trial.... third party testimony of naked shorts.
Simply stated, potential illegal naked shorting and overused exempt shorts and never closed fail to delivers facilitated by counterfeiting synthetic shares could be curtailed and kept to a minimum if all parties to the stock transaction knew how many registered shares and how many shares are floating around not authorize by the issuing corporation