Gary Gensler: “We did an interpretation to try to interpret it so that foreign regulators could have access...”

It is rife with fraud, scams, and abuse.

The New York Stock Exchange can't actually also run a hedge fund on and trade against their customers.

the initial public offering market would be shut down with the government

I think that the Congress' wisdom was to have an agency to oversee disclosure-based markets where issuers are asking the public to buy and sell their securities.