I suspect the majority of these recorded transactions are completely banal. This doesn't give them a free pass. If you really want to communicate about somethin

I suspect the majority of these recorded transactions are completely banal. This doesn't give them a free pass. If you really want to communicate about something dodgy, you just do it verbally and hope some random underlying doesn't incriminate themselves. I've been on the receiving end of compliance rules around various communications (for example being forbidden from ever writing "ISO" because it's a heavily regulated but also exceptionally important order type) that did nothing to protect markets, other participants, or the firm I was working at. My experience with various financial regulators was that they were far more interested in finding ways to slap someone with some random rule violation as opposed to meaningfully trying to protect consumers/markets, so if the most the SEC can come up is that there were record keeping violations I wouldn't read too much into it.