April 22, 2022
The proposed rule allows billions of dollars to be laundered, which directly harms retail investors. The SEC has acknowledged many flaws in the market that places retail investors at a disadvantage, yet there appears to have been zero action has been taken to prevent market manipulation. Im fact, the proposed rule would help facilitate market manipulation and circumvent transparency. Citadel recently stated that they have sold $65 BILLION in securities which have not been purchased. This is made possible through FTDs and Naked Shorts, while no clear action has been taken to stop this type of corruption. The SEC should explain how the entire float for a stock can be traded 60x over within the course of a year, or how an entire float can be traded within a day. The sad thing is that no one really knows the total liabilities that exist. But what we do know is that the market is broken and little to no action has been taken to remedy it. As for transparency, the SEC should require brokerages and the like to display the aggregate number of accounts and shares owned for each security. Settlement times should be reduced. I would like to see a fair market with real-time transparency.