Subject: File No. SR-NYSE-2023-09
From: Chuck Vale

I have concerns about environmental benefits that farmers and ranchers have long provided, being monetized for the benefit of Wall Street investors I am concerned that licensure for Natural Asset Companies will lead to adverse outcomes, like the erosion of multiple use on our Federal Lands, insofar as they will prioritize "non use" as a primary, preferred ecological benefit I'm concerned about the tone taken towards agriculture in the proposed rule change, like "Agriculture is contributing to the loss of natural habitat and soil degradation." p.3 In fact, farmers and ranchers do much to improve soil health. I am concerned this sets a precedent for non-use (i.e. ecological performance) by placing lands, and or grazing permits, etc. up for sale to the highest bidder. Many farmers and ranchers cannot compete with the resources of Wall Street to maintain the livelihood and continuity of their operations. How will these licensures be handled? Who will be the enforcement authority and how will they be measured or evaluated for performance and appropriateness for the landscape? What are the mechanics? We are concerned.