Subject: File No. SR-NYSE-2023-09
From: Marjorie Spencer

Monetizing such public assets such as 'air' or 'photosynthesis' that occurs on vegetated land for instance, which is held within NAC's listed on the NYSE, would be comparable to holding cryptocurrency....just based upon whatever the market bears..wild speculation, just like with bitcoin and based upon nothing produced, just electronic illusion. Investors usually look ultimately for some kind of monetary return for their shares....how would the investors recover their principal investment and capital gains? Typically nothing will be produced by these NAC's....the stated purpose is for environmental purposes, not for production. Who can afford to just hold onto such stock? No one except the super wealthy, and even they at some point will want a return on their invested capital. So how does that happen? Eventually, the license agreement will expire and the private asset owners having been deprived of working their asset for production are in a position of needing to sell; therefore the NAC's will offer to buy the land upon which the resource exists, and thus, gradually or maybe not so gradually, private ownership will be eroded and the corporations (companies) big monied elite will ultimately control both the land, the resource and the people. No longer under the constraints of the NAC licensing agreement, the stakeholders then can do as they will with the 'resources.' It is a sophisticated scam. Moving millions of acres of public and private land into conservation by the President, is the first step of placing public lands into NAC's. It is unconstitutional. Public lands are the heritage of the people; this is robbery. I object to the formation of NAC's and this must be stopped.