In a free country, is it not the people, rather than unelected regulators, who get to decide what to do with their own money? That's what living in a free country is all about: individual liberty AND personal responsibility. In the market place, this plays out as the opportunity for reward and the possibility of risk. Virtually every trader knows that they may lose capital. That's their responsibility, not yours.
Any executive branch regulation that would carry the force of law is plainly in violation of Article One, Section One of the United States Constitution, which only grants law-making power to Congress. Any attempt by Congress to pass on its law-making power to the Executive is unconstitutional and therefore illegal.
Similarly, these "laws" written by the executive branch are in violation of Article One, Section Eight (which gives interstate commerce regulatory authority to Congress, not the Executive), as well as the Tenth Amendment (which basically says that the Federal Government does not have legal power which was not granted by the Constitution).
Kevin Scobey Comment On Regulatory Notice 22-08
Dear FINRA Regulators,
In a free country, is it not the people, rather than unelected regulators, who get to decide what to do with their own money? That's what living in a free country is all about: individual liberty AND personal responsibility. In the market place, this plays out as the opportunity for reward and the possibility of risk. Virtually every trader knows that they may lose capital. That's their responsibility, not yours.
Any executive branch regulation that would carry the force of law is plainly in violation of Article One, Section One of the United States Constitution, which only grants law-making power to Congress. Any attempt by Congress to pass on its law-making power to the Executive is unconstitutional and therefore illegal.
Similarly, these "laws" written by the executive branch are in violation of Article One, Section Eight (which gives interstate commerce regulatory authority to Congress, not the Executive), as well as the Tenth Amendment (which basically says that the Federal Government does not have legal power which was not granted by the Constitution).