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

Natural Asset Companies would be unconstitutional because regulations of public lands has to be done through the Congressional branch and ultimately through our Democratic Republican process, setting up third parties in this way would over step the scope and powers of the SEC and would create expensive lawsuits, if the SEC accepts this proposal, furthermore what overarching power does the SEC have in its Charter to grant such powers to third parties? Arguably Congress itself cannot give away it's congressional powers. This proposal will ultimately lead to a gross an abusive misunderstanding one way or the other, it will either allow the injection of land use rights into being modified without the legislature or it will lead to people buying into Natural Asset Companies thinking they have powers they do not.