April 20, 2022
According to the SEC's own website, the mission of the SEC is to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation. On the very front page, the SEC informs the public that they enforce \"the securities laws to protect the more than 66 million American households that have turned to the securities markets to invest in their futures.\" To that end, one has to ask in what way is diminishing the impact of naked shorting and FTDs orderly, or fair? How does it help protect the 66 million American households that are depending on the SEC to protect their futures? The appropriate reaction to irresponsible market activity is not to ensure the parties responsible escape the negative impacts of their choices. It is to ensure that they are held accountable, both legally and financially, to the commitments they freely entered into. This proposed rule change is detrimental to the American public, their trust in the SEC, and the market as a whole.
This comment was also submitted on SR-NSCC-2022-801, which is the relevant advance notice.