Subject: File No. SR-NYSE-2023-09
From: Terra Ochsner

Natural Asset Companies not only look to monetize the unmonetizable, but as presently written, provide an open gateway for foreign entities to invest in U.S. land. As of today, 24 states have put restrictions on foreign land ownership and investment, and this would fundamentally undermine a states' rights. Additionally, critical industries - like mining - are listed as prohibited uses on these lands, and it appears as though "no use" is preferred. Not only does this add to energy insecurity in the U.S., but it is detrimental to the land to have entities designate "no use" on these lands which would typically have been grazed responsibly by livestock producers. Cattle, in particular, are tremendous upcyclers, and are a necessary conduit for many beneficial processes in an ecosystem. Land, left to fallow, will not improve. Last, it's hard to imagine that the people owning these Natural Asset Companies - who are not on the ground and in this land every day - should be making any management decisions. At what point are our public lands no longer public? And I ask you again, how can you monetize the unmonetizable?