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 pur

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: https://www.sec.gov/files/enforcement-annual-report-2020.pdf https://www.sec.gov/files/enforcement-annual-report-2020.pdf