April 20, 2022
At its core, the SFT is an insidious and unnecessary layer of complexity that solves 2 goals: 1) to further hide from the public and retail investors the true nature of financial market structure and 2) to provide criminal bad actors with an insurance policy against otherwise free market consequences of risky bets.
We should expect the rampant bad behavior on Wall Street to further escalate upon bad actors being provided yet another cushion against accountability. Its bad enough that Reg SHO violations and persistent FTDs remain unresolved or punished with insignificant fines while retail investors and retirement funds are materially harmed with higher fees and lower returns. The average American citizen and investor will continue to bear the burden of enriching the corrupt few.
If accepted, this rule will mark a historical turning point studied for years to come as a pointed example of regulatory failure (or worse, regulatory capture) and a contributing factor to the crumbling of the American empire as we know it today.
It is no accident that this document is 177 pages long, as it is designed to confuse the average retail investor.
This retail investor sees this rule proposal for exactly what it is, another overly complex mechanism to further tilt the already uneven scales toward Wall Street and away from Main Street, to keep the corruption going awhile longer and bail out the criminal bad actors from being held accountable for their risky bets.
I hope the SEC does the right thing and roundly rejects this rule
I am submitting this comment anonymously for my own safety and security, given the track record of criminal corruption I have observed in our financial markets from publicly available data, and given the nefarious intentions of this proposed rule change.