The burden is on you to show that you actually did not misrepresent the author's points. You say the author complains about lax regulation leading to market fai

The burden is on you to show that you actually did not misrepresent the author's points. You say the author complains about lax regulation leading to market failure. On the contrary, the author complains about too much static regulation, as any static rule just leads to it being circumvented. He proposes e.g. financial accounting rules based on general principles and duties. Also, where are your sources for the fact that the SEC is or was at any time supposedly devoid of material funding?