Jul. 20, 2023
To SEC & Chair Gensler, The proposed changes by Congress outlined in 'S7-32-10' are an abomination. Liquidity is important to a degree, but not at the cost of Price Discovery. Price Discovery has already been battered to the point where the vast majority of retail investors portfolios have zero effect on the actual stock price. Please do not make the problem worse. Acknowledging the basic math involved in that a portfolio of 100k invested into a single stock would not make a noticeable difference, it still should make its infinitesimally small mark on the stock. If the public's buying of shares has no effect on the stock price, what reason do we have to invest? We do not want to bet on the horses running the show, nor does the public want to be perpetually deceived by ambiguity. We want to partake in the race as equals with all other entities and investors. Goal #1 of the SEC is to protect the investing public against fraud and manipulation. Transparency of markets is the absolute best way to do that. Anything fighting against transparency is fighting against the investing public. As someone who has testified to the SEC, I have had a glimpse of the scary world you all choose to operate in. The country just hopes that the SEC isn't making decisions based on their own gain. I understand the enormous pressure campaign by Wall St. may seem insurmountable- but I and many Americans hope the SEC do the right thing and protect the public. To clarify, protecting the public does not mean preventing a stock market collapse. Protecting the public means authoring and enforcing regulations that work towards transparent markets. Even if the situation is so dire that larger banks and hedge funds continue to fail- allowing them to manipulate global markets is far worse. If the stock market crashes due a small step towards Goal #1, then the stock market deserves to crash. Please, for the future of humankind, do not exacerbate income inequality. History remembers which side people take in the battle of right and wrong. Sincerely Concerned, Kevin McCully Investor, VP of Finance, Father & American