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Trillions of dollars have fled securities markets this year, yet regulators are rushing to impose new rules on markets for no good reason. Two new proposals would broaden the Securities and Exchange Commission’s reach over large traders, reducing market liquidity with little benefit beyond handing more power to SEC Chairman Gary Gensler.
The SEC proposed a regulation this spring that would force many securities traders to register as dealers or investment companies if they have more than $50 million in total assets. That would require them to submit to stricter federal oversight, and to join one of many private groups that maintain additional industry standards, such as the Financial Industry Regulatory Authority (Finra).
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