Since the COVID-19 pandemic hit the United States, EMA members have demonstrated that our markets are resilient and can handle historic volatility, message traffic and the repeated activation of market-wide circuit breakers. The exchanges, which exist to protect the investing public, have been ordered to revise the currently efficient market system into one that hands over voting power to major financial institutions with conflicting interests. The SEC should not unnecessarily be adding to market risk by introducing eccentric governance changes during times of great volatility. While we welcome a collaborative dialogue to improve the SIP and the operation of our markets, today’s SEC action does little to help retail investors or our economy. ~