Comment Text:
To Whom It May Concern:
I write today to share my perspective on this proposal, Comment for General CFTC Request for Comment on the Impact of Affiliations of Certain CFTC-Regulated Entities.
I also support the statement made by CFTC Commissioner Christy Goldsmith Romero, found at this link:
https://www.cftc.gov/PressRoom/SpeechesTestimony/romerostatement062823
There is inherent risk and financial harm to the public that results from fully centralized monopolies in any industry. In the financial world, we, especially, need more diverse competition and oversight of these entities at every level of the system. By allowing the full integration of brokerages, market makers, clearing houses, etc., only to be regulated by Self-Regulated Organizations (SROs), is going against common sense and inviting danger and suffering for many countless people and market participants.
As a society, we need to move away from centralization to a de-centralized world to prevent fraud and corruption and allow our markets and people to thrive. We need to end SROs, as they have been shown time and again to not be willing to take on the challenges of providing protection to individuals.
The public becomes more educated every day and the time for change to a properly-maintained and governed system is upon us. Do not allow consolidation of financial institution functionality as is being discussed here today. Instead, we need to be going in the other direction and breaking apart these giant financial conglomerates, thus promoting competition and instilling fairness and order in our markets. And make all swap instruments transparent while your at it. If the regulators can't regulate, the public will.
Have a good day,
Juan B., Business Owner
