The SEC has led the charge of government agencies away from anything that could reasonably be called regulation. Take note of how often the term 'oversight' is used vs 'regulation' when these guys are talking.
Yeah, I assume in reality, this is essentially the exact opposite what is happening. I would imagine the SEC is involved behind the scenes in coordinating these shutdowns.
That feels like a huge violation of their stated intent though.
There are lots of skilled but civic minded people in all the three letter agencies. The problem isn't people, it's ideology. Namely market fetishism and the assumption that if you're rich you just know better.
What? My point is that they see themselves as mall cops observing and reporting, not actively regulating behavior. That makes a pretty big difference in efficacy.
What you said was that they often use the word "observe" rather than "regulate," and that this is somehow reflective of the way they do their jobs. That's a purely semantic viewpoint and a ridiculous way to judge the efficacy of any regulator.
In actual fact, they use the term "enforcement action." Here's their report from 2020. See for yourself:
