Jon Wolfenbarger Comment On Regulatory Notice 22-08
The US Constitution guarantees Americans the right to life, liberty and property. That means Americans have the right to spend or invest their hard-earned after-tax income (property) however they see fit, as long as they do not violate the equal rights of other people. It is not possible to violate the rights of other people by voluntarily buying and selling from them. As a result, American investors should be free to benefit from financial innovations such as levered and inverse ETFs without having to pass a test to do so.