I am writing on behalf of myself and the people of Wyoming House District 33 in Fremont County to object to your agency’s proposed rule SR-NYSE-2023-09 to establish “Natural Asset Companies” to be traded on the New York Stock Exchange. I oppose the proposed rule for the following reasons: First, the proposed “Natural Asset Companies” reject legally recognized principles of accounting in that the assets to be purchased and traded do not produce any profit-bearing commodity or service. “Natural Asset Companies” run afoul of the way in which the stock exchange currently (and historically) operates. Second, the proposed “Natural Asset Companies” allow for the possibility of foreign entities to control lands in Wyoming, including public lands. If acquired and enrolled into a NAC, lands within my district enjoyed by my constituents and tourists alike will be blocked from human access. This will not only remove recreation opportunities, but will decimate the local economies of Fremont County and Wyoming. Third, the proposed rule is a sweeping policy change not contemplated by your agency’s enabling act and runs afoul of the accepted doctrine that agency’s shall not promulgate rules not explicitly authorized by Congress. Fourth, the proposed rule threatens private property rights by potentially allowing land subject to conservation easements to be enrolled into a “Natural Asset Company,” entangling land in burdensome regulations never contemplated by the landowner who initially agreed to the easement in the first instance. Companies chartered to protect, restore, and conserve natural resources do not produce profit; as such, they are not “corporations” and should not be treated as such by your agency. This rule threatens the private property rights of Wyoming citizens and the security interests of Americans. I urge your agency to abandon this rule. Thank you for your consideration. Sincerely, Sarah Penn Wyoming House of Representatives, District 33