Comment Text:
i0-001
COMMENT
CL-01408
From:
Sent:
To:
Subject:
Jeff Hubbard
Thursday, January 21, 2010 12:17 AM
secretary
'Regulation of Retail Forex'
CFTC,
In regard to the next debacle you are considering for the FOREX industry, RIN 3038-AC61, I must comment on
what I consider the death of FOREX retail trading in this country.
Who are you intending on protecting? Those with huge bank accounts? We have seen time and again where
banks have failed and regulations were no where to be seen. We've seen Wall Street destroy our mortgage
industry without regulatory oversight but this type of random regulation will kill the common man's ability to
exercise his right to trade in the FOREX industry.
You have crippled our trading practices with hedging restrictions. You have made absurd rules such as FIFO.
Leverage is but the last straw. I can live with the rules but when the rules start shutting down HUGE businesses
in this country, YOU are the problem.
There are a number of great FOREX brokers that are fighting this potential knife in the heart. YEARS of my work
and effort in starting a new business in this field will be for not. YOU will cause my business to go out of
business. You will cripple innovation in the business. You will not have a business to regulate any more.
I urge you to throw this absurd idea in the "stupid regulation" pile. Concentrate your efforts elsewhere such as
enforcing money laundering, or over seas accounts and taxation but stop hurting good people trying to make it in
this tough economy.
respectfully,
Jeff Hubbard
J Talon LLC
FOREX
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Investment Management
